Las Vegas sports gambler Walters convicted of insider trading

Posted April 08, 2017

When professional gambler Billy Walters was brought up on insider trading charges a while back, we were pretty amused.

Read 'em and weep, a NY federal jury told professional gambler Billy Walters on Friday after the six-woman, six-man panel convicted him of securities fraud, wire fraud and related conspiracies.

Mickelson agreed to forfeit almost $1 million last May that authorities said he earned through an illegal stock tip from Walters.

William "Billy" Walters should be acquitted because he never cheated when he earned over $40 million through well-timed trades of the stock of the Dallas-based Dean Foods Co., attorney Barry Berke said.

At trial, Berke argued Davis had lied to get a sweetheart deal for himself. They also called witnesses who portrayed their client as someone with a gift for predicting the stock market thanks to meticulous research, much like how he claimed to have won millions in Las Vegas casinos.

Walters, 70, has built a sprawling business of auto dealerships, vehicle rental agencies and golf courses worth hundreds of millions of dollars.

Louis CK goes on an epic, sweary rant about Trump
When C.K. stopped by The Late Show Tuesday to promote his new Netflix standup special, he expressed regret for his words. In an interview with Colbert, C.K. said, "He's just a gross, crook, dirty, rotten, lying sack of s***".

"To say that I was surprised would be the understatement of my life", Walters said as he left the courtroom.

"If I had made a bet I would have lost. Frankly I'm in total shock". The testimony featured golfer Phil Mickelson and billionaire investor Carl Icahn, as well as a seamy world of gambling debts, stock tips delivered on burner phones and charity money used for prostitutes.

Walters is charged with earning tens of millions of dollars illegally by making profits and avoiding losses through tips from Davis.

The case is U.S. v. Davis et al, U.S. District Court, Southern District of New York, No. 16-cr-00338. He has pleaded guilty to insider trading charges and is likely to receive leniency at sentencing as a result of his testimony.

Closing arguments over two days capped a three-week trial and enabled jurors to begin deliberations in late afternoon. Mickelson agreed to repay it.