FBI could be searching for cellphone in Turtle Creek

DALLAS - The growing mystery about what the FBI is up to in an Uptown Dallas neighborhood may be solved.

On Tuesday and Wednesday the FBI’s underwater search and evidence recovery team was focused on Turtle Creek.

The agency would not release details about what divers were looking for, but said they were not searching for a body and there is no threat to public safety.

An article from Bloomberg News suggests the search is tied to an insider trading investigation.

Former Dean Foods Co. chairman Tom Davis allegedly admitted in a plea hearing that he tossed a prepaid cellphone into a creek near his Dallas home after being visited by the FBI two years ago.

Davis is accused of passing trading tips to sports gambler William “Billy” Walters in exchange for financial opportunities. Davis said Walters gave him the cellphone and the code name "Dallas Cowboys," Bloomberg News reported.

Walters also allegedly urged pro-golfer Phil Mickelson to bet on Dean Foods. The Wall Street Journal reports Mickelson made $931,000 of Dean Foods, which he has agreed to return.