Phil Mickelson Forcing His Caddy to Pay 10% of SEC Fine for Insider Trading
SAN DIEGO — PGA Tour golfer Phil Mickelson will not be indicted by the Securities and Exchange Commission for insider trading to pay off a gambling debt, but the golfer is required to pay back the gains he made, including interest, which total more than $1 million.
But the savvy Mickelson will ultimately be on the hook for just over $900,000 because he is forcing his caddy, Jim “Bones” Mackay, to pay 10-percent of the fine.
“He gets 10-percent of my winnings, he should pay up the same amount for my losses,” Mickelson told reporters. “Are we a team or not? You can’t duck out of your responsibilities when things go bad. Plus, a good caddy would have given me a heads up on the ins and outs of insider trading. He’s lucky I don’t have him pay the whole amount.”
Mackay, who has caddied for Mickelson since 1992, says he has no problem covering his $100,000 portion.
“I’ve done well financially over the years with Phil,” he said. “I’ve made a solid income on his bag, but I’ve also made a small fortune betting against him to win majors on Sundays. This is nothing.”
Mickelson also claimed he is not concerned that the SEC fine will harm his carefully-constructed wholesome image.
“Golf fans are not like regular sports fans,” he said. “Most golf fans are actively involved in insider trading or hope to be one day. This will only make them identify with me even more.”
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