Phil Mickelson has been here before. Not exactly the same situation, but close enough to learn from. Back in 2016, he returned over $1 million to the SEC after profiting from Dean Foods stock trades tied to insider information. He wasn’t charged with wrongdoing as the SEC called him a “relief defendant,” but the reputation stain never quite washed out. Now, nine years later, another insider trading allegation. Another defiant response. Another attempt to control the narrative that might backfire spectacularly.

“I know from experience that being in the public eye makes me a frequent target for sensationalized media coverage. I get that it comes with the territory, but there are legal limits on false reports. And while I may have been willing to ‘let it go’ in the past, I’m no longer going to sit quietly and take it when those lines are crossed,” he wrote on X on November 7, 2025. “ I have retained world-class defamation counsel Tom Clare to advise and represent me on this “article” by Hunterbrook and anyone who reposts it. More to come….Lots…” 

The Hunterbrook report, published October 31, 2025, alleged Mickelson shared material non-public information from Sable Offshore CEO Jim Flores with investors before official disclosures—claims backed by leaked screenshots and audio recordings. The article generated 898,300 views and sparked thousands of shares. Mickelson denied everything, calling the report “slanderous” and accusing Hunterbrook of “stock manipulation,” but his hiring of Clare signals he’s done fighting in the court of public opinion.

Clare brings serious firepower. The Clare Locke LLP co-founder secured a record $787.5 million settlement for Dominion Voting Systems against Fox News in 2023. He won $3 million for a University of Virginia dean defamed by Rolling Stone. Currently, he’s representing French President Emmanuel Macron and First Lady Brigitte Macron against podcaster Candace Owens in a defamation case filed in July 2025. That case remains active as of November 2025.

So far, no lawsuit has been filed against Hunterbrook. Mickelson’s November 7 post only announced Clare’s retention. The phrase “More to come…Lots” suggests he’s still in the planning stages. Meanwhile, Sable Offshore formed a Special Committee on November 3 to investigate the allegations. The company hasn’t commented further while that review continues.

These new allegations carry extra weight because Mickelson has walked this path before.

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Phil Mickelson’s 2016 SEC insider trading settlement

Back in May 2016, the SEC came knocking. Mickelson agreed to pay $1,037,029.81 to settle charges stemming from Dean Foods stock trades—profits he’d made after receiving a tip from professional gambler Billy Walters, who got the information from former Dean Foods board chairman Thomas Davis. Davis pleaded guilty, and Walters was convicted and sentenced to five years in prison. But Mickelson? The SEC named him a “relief defendant”—meaning he wasn’t accused of wrongdoing but had to return ill-gotten gains. He never faced criminal charges, and neither admitted nor denied the allegations.

The 2016 case wasn’t his only financial controversy. Federal documents revealed he’d incurred gambling losses exceeding $40 million between 2010 and 2014—losses that roughly matched his annual income during those years. Mickelson’s management group said he felt “vindicated” that the SEC hadn’t charged him with securities law violations. Still, he agreed to return every penny from that 2012 investment.

Now, nine years later, similar allegations surface. The pattern raises questions. Mickelson says he’s “ultra ultra careful given history.” His aggressive legal response suggests he’s done letting things slide. But will threatening to sue everyone who shares an article work? The 898,300 views on his warning post suggest otherwise.