Feds Actually Approached Phil In Boston First

Hardly shocking news in light of recent developments that Dean Foods has been subpoenaed in the probe of Billy Walters and Phil Mickelson's trading.

But the WSJ's Susan Pulliam and Michael Rothfeld also flesh out new details from the seemingly-compromised investigation, including a new first encounter for Mickelson with federal agents. Teterboro was intially reported, now it's Bedford, Mass. The feds like their private airports.

The subpoena to Dean Foods highlights how criminal investigators have shifted their tactics following the disclosure of the probe in media reports last month. Before that, the criminal investigation had been covert and they avoided taking certain actions that might have tipped off the people under scrutiny.

Dean Foods also is doing its own investigation of the matter.

Well that's a load off.

"We are reviewing this matter, and our practice is to offer our full support to any government investigation," the company said in a statement. Shares of Dean Foods traded down 2% at $17.20 in after-hours trading Monday after The Wall Street Journal first reported on the subpoena. The shares had fallen more than 8% at one point in the after-hours session.

None of the men have been charged, and there is no indication charges will be filed. Messrs. Walters, Mickelson and Icahn have denied wrongdoing.

Mr. Mickelson has said he was willing to cooperate with the FBI. He was first approached by agents in September 2013, at an airport in Bedford, Mass., after playing in the Deutsche Bank Championship golf tournament. The Wall Street Journal reported that he was approached again by a pair of agents after finishing a round at an Ohio golf tournament on May 29, the day before news of the investigation became public. He referred them to his lawyer.

The New York Times recently backed off of many assertions in their original reporting, even suggesting that criminal charges were unlikely.