Golfer Phil Mickelson has denied allegations of insider trading linked to an offshore oil company Sable Offshore Corp. (NYSE:SOC).
On Friday, Hunterbrook Media published a report alleging the company leaked key information to investors. Mickelson is accused of informing the investors about an impending announcement that could potentially affect Sable’s stock price.
The leaked call revealed that Sable CEO Jim Flores told select investors the company might need to raise up to $200 million by the end of 2025, information not publicly disclosed.
The report alleges that Mickelson revealed non-public information after a discussion with the CEO of Sable Offshore, Jim Flores.
In a post on X on Saturday, Mickelson refused the allegations and and accused the publication of “stock manipulation.”
“So a company says I can't say anything to you but we will announce something at the close. I don't know if it's a dilution and the stock goes down or a deal for the stock to go up. I have to wait to see what the info is, I make no trades whatsoever and am ultra ultra careful given past history. I don't even share that information is coming til after the close. And you insinuate wrong doing? This looks like stock manipulation on their part and slanderous. Did they make any trades today?” he wrote in the post.
If these allegations are substantiated, Mickelson, who is a player for LIV Golf, could face serious legal consequences.
Why It Matters: This is not Mickelson’s first brush with insider trading allegations. In 2016, he paid over $1 million to the SEC to settle a case related to insider trading involving gambler Billy Walters.
Although Mickelson was not formally charged, he was identified as a “relief defendant” in the case.
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