Report: Man linked to Mickelson allegations owed $15 million to FDIC
This Phil Mickelson insider trading case seems to be getting more strange all the time.
William "Billy" Walters is one of the two men said to be associated with Phil Mickelson in his pending insider trading allegations.
According to Bloomberg, Walters recently owed, get this, $15 million to the FDIC because of the sale of a Las Vegas golf course back in 2006.
"Around the same time, though, Walters owed as much as $15.25 million to the Federal Deposit Insurance Corp. stemming from the 2006 sale of the Stallion Mountain golf club in Las Vegas by a company he owned, according to documents in two lawsuits reviewed by Bloomberg News.
The buyers purchased the club using a bank loan personally guaranteed by Walters. After the buyers defaulted in 2008, Community Bank of Nevada told Walters he had to make good on the loan. When the bank failed and was taken over by the FDIC, Walters owed the money to the agency.
In 2012, a judge ordered Walters to make a payment of $11.2 million to satisfy the loan, interest and other fees, FDIC spokesman Greg Hernandez said. 'Mr. Walters did pay,'Hernandez said in an e-mail."
That he paid is not necessarily the point here, though, as the article goes on to point out. That he would have these kind of expenditures and need to make them up somewhere else might be.
It still hasn't been determined whether Mickelson, Walters, or Carl Icahn actually did something wrong but if you're looking for a motive linked to Walters, this one is a potential possibility.
Mickelson was asked earier this week about whether or not he was able to focus with everything going on. He dodged the question like a champ.
"Certainly last few days I had" said Mickelson." I had two great days up at Pinehurst. I got some good work in with Dave Pelz and a really good game plan on how I want to attack the golf course and the shots around the greens that I want to hit and I had a chance to work on my touch and I'm hopeful that that will come through in my performance this week as well."
He also noted that he hopes everything is cleared up soon.
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