Las Vegas businessman, Billy Walters, denies insider trader allegations

LAS VEGAS -- Businessman Billy Walters is denying any wrongdoing after news surfaced that he is being investigated on allegations of insider trading.

In a statement released Monday, Walters said he was innocent of doing anything wrong.

"Those who know me best, know that it is preposterous to think that I would involve myself in insider trading," Walters said.

He says he has invested in the stock market for many years, but points out no one says anything when he loses money.

The story was first reported in the Wall Street Journal, but has seen appeared in several other publications. According to the reports, The allegations also involve investor Carl Icahn and golfer Phil Mickelson.

The newspapers report that federal investigators are looking into the trading patterns of Mickelson and Walters involving two stocks. The newspapers say the FBI and Securities and Exchange Commission are analyzing trades Mickelson and Walters made in Clorox about the time Icahn was attempting to take over the company.

The newspapers cited unidentified sources who had been briefed on the investigation. The Associated Press couldn't immediately confirm details of the probe.

The Justice Department and SEC declined to comment.

Mickelson says he's cooperating with investigation and also maintains he did nothing wrong.

(The Associated Press contributed to this report)

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