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Thread: Mickelson, Walters, insider trading, and a $2 million gambling debt

  1. #1

    Mickelson, Walters, insider trading, and a $2 million gambling debt

    https://www.yahoo.com/sports/news/ph...171623482.html

    Bosom buddies Phil Mickelson and Billy Walters.

  2. #2
    http://www.miraclecovers.com

    "Donk down, thatís what you say to someone after they have lost 28K straight?" - Phil Hellmuth, online

  3. #3
    Las Vegas gambler Billy Walters convicted of insider trading
    https://lasvegassun.com/news/2017/ap...cted-of-insid/

    NEW YORK ó A Las Vegas gambler linked to golfer Phil Mickelson saw the jury verdict convicting him of insider trading charges Friday as only a gambler could.

    "I just lost the biggest bet of my life," William "Billy" Walters said outside Manhattan federal court minutes after the jury returned its verdict after two days of deliberations.

    "To say I was surprised would be the biggest understatement of my life," Walters said in the Southern drawl that reflects his Kentucky birth and considerable time spent in Texas. "Frankly, I'm in total shock."


    Prosecutors said Walters made over $40 million illegally from 2008 to 2015 trading on the stock of Dean Foods Co. Thomas Davis, a former Dean Foods board chairman, testified that he fed Walters tips about major developments involving the company before they became known publicly. The Dallas-based Dean Foods is one of the nation's largest processors of milk for retailers.

    As the verdict was returned on 10 counts of conspiracy, securities fraud and wire fraud, Walters shook his head repeatedly.

    U.S. District Judge P. Kevin Castel set sentencing for July 14 and agreed to prosecution demands that Walters submit to electronic monitoring and give up use of his private plane. Over a prosecutor's objection, Castel permitted Walters to return with his family on his plane to southern California, where he will reside until sentencing.

    His lawyer, Barry Berke, promised an appeal.

    The verdict capped a three-week trial. Mickelson never testified, though he had been on a list of prospective witnesses.

    A prosecutor had said Mickelson earned nearly $1 million after Walters told him to buy Dean Foods stock in 2012. The prosecutor said Mickelson gave the profits to Walters to cover gambling debts. The Securities and Exchange Commission cited Mickelson for the trades in a lawsuit and Mickelson agreed to repay the money. Mickelson was not charged.

    During the trial, Berke used Mickelson as proof that his client was innocent, saying that if Walters had inside information, "the last thing you would do is give it to Phil Mickelson, one of the most famous athletes in the world who is going to attract regulatory scrutiny."

    Walters, 70, has built a sprawling business of auto dealerships, car rental agencies and golf courses worth hundreds of millions of dollars. Berke said he routinely makes multimillion-dollar bets on companies in the stock market.

    Davis testified under a cooperation deal that he met Walters while golfing. He has pleaded guilty to insider trading charges and is likely to receive leniency at sentencing as a result of his testimony.
    Really? The U.S. government has a 98% conviction rate.

    The jury knew that Billy Walters made $40 million trading the stock of Dean Foods Company.
    He knew the owner.
    Case fucking closed.
    Guilty.



  4. #4
    I'm not sure what kind of prison sentence this comes with, but I can't see this guy surviving very long in even one of those Federal prison resort camps. Maybe he'll get leniency for age and health reasons plus payment of a big fine. Might not be a bad bet for a death pool.

  5. #5
    I'm sure Billy Walters always felt he was above the law. He bribed local politicians. He paid off attorneys, witnesses and others to get cases against him dismissed.

    In Las Vegas, he could allegedly fix the line on a game.

    Billy Walters claimed that he has never had a losing year ever, betting on sports.

    We all know now that's complete bullshit.

    If Billy Walters plead guilty, he would have received a sentence of 3 to 5 years in federal prison.

    Because he was found guilty of all 10 counts against him.

    Walters should get at least 10 years in federal prison.

    Of course, he is going to appeal his case, however I seriously doubt he will win.

    He could face even more time in prison.




    Last edited by TheXFactor; 04-08-2017 at 02:08 PM.

  6. #6
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    Billy Walters claimed that he has never had a losing year ever, betting on sports.

    We all know now that's complete bullshit.



    How do we know his claims about the sports betting are complete bullshit because of the conviction?
    I am missing the connection.

    Peace,

    Hozer11

  7. #7
    Quote Originally Posted by Hozer11 View Post
    Billy Walters claimed that he has never had a losing year ever, betting on sports.

    We all know now that's complete bullshit.



    How do we know his claims about the sports betting are complete bullshit because of the conviction?
    I am missing the connection.

    Peace,

    Hozer11
    No, I just don't believe most people's bullshit.

    Do you believe that Doyle Brunson has never had a losing year in poker the last forty years?

    I don't because it's just not true, they are bullshiters, that is what they do to promote themselves.

    Billy Walters is a hustler, when he does "business", he "buys" local politicans, so he can do things like buy county or state property ten times less than market value. He'll say that he is building a golf course but when the golf course fails, he will change the use of the property to residential condos and sell the land for a huge profit.

    Billy Walters made big money back in the 1980's and 1990's betting on sports.
    But at this stage of the game, Walters bets on sports more as a hobby than a profession.

    He owns a fleet of car dealerships, several high-end golf courses, a $20 million private jet and 7 multi-million dollar homes in places like Palm Desert and Cabo San Lucas. A net worth of around $500 million.

    The last several years, Walters himself claims that he is barely breaking even betting on sports and was thinking about quitting.

    It looks like the U.S. government made that decision for him.



    A Life On The Line
    For four decades, other gamblers have tried to be Billy Walters while investigators have tried to bring him down. And for four decades, the world's most successful sports bettor has outrun them all.

    http://www.espn.com/espn/feature/sto...versial-bettor

     
    Comments
      
      Sanlmar: Thx for link. Good read

  8. #8
    Walters sentencing tomorrow. Feds asking for 10 years. Should be interesting

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