Las Vegas based sports gambler Billy Walters was arrested Wednesday and faces charges on insider trading.
The New York Times reports Walters, known for his prowess at sports betting, is accused of receiving stock tips from Thomas Davis, a former director of dairy company Dean Foods.
The government alleges Walters contacted professional golfer Phil Mickelson, who owed him money for betting on sports, and urged Mickelson to trade Dean Foods stock to pay Walters back.
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The SEC says Mickelson did so the next day and made a profit of $931,000.
The Times also reports Walters himself made money from flipping stock in Dean Foods – more than $17 million.
The Associated Press contributed to this report.
