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Thread: Billy Waters sentenced to 5 years - a lot of time for a 65 year old guy

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    Billy Waters sentenced to 5 years - a lot of time for a 65 year old guy

    Las Vegas gambler gets 5 years in insider trading*case

    Richard Drew / AP
    Las Vegas gambler William “Billy” Walters leaves Manhattan federal court in New York on Thursday, July 27, 2017. Walters, linked to golfer Phil Mickelson, was sentenced to five years in prison for his conviction on insider trading*charges.
    By Larry Neumeister, Associated Press
    Published Thursday, July 27, 2017 | 10:43 a.m.
    Updated 2 hours, 31 minutes ago

    NEW YORK — A Las Vegas gambler linked to golfer Phil Mickelson was sentenced Thursday to five years in prison by a judge who said the businessman collected tens of millions of dollars illegally in the stock market to seem like "a winner" to himself and others.

    U.S. District Judge P. Kevin Castel rejected the recommendation of probation officials and a lawyer for William "Billy" Walters that he serve only a year in prison, but still imposed a sentence less than the minimum of eight years called for by federal sentencing guidelines. He also fined him $10 million.
    "When it comes to the stock market, Billy Walters is a cheater and a criminal and not a very clever one," Castel said, calling the crime "amateurishly simple."
    He noted Walters was a minor celebrity in Las Vegas with a private plane, a $17 million West Coast home and $175 million in earnings from 2011 to 2015.
    The judge said Walters looked to elevate himself when he befriended former Dallas-based Dean Foods Co. board chairman Thomas Davis, getting him to divulge secrets he then traded on.
    Castel said Walters was "fixated on appearing to himself and others to be a winner."
    "Money was a way of keeping score," Castel said.
    Prosecutors said Walters began trading in 2006 on secrets Davis told him about the nation's largest processor and distributor of fresh milk, amassing over $40 million in illegal profits through 2014. Davis, who pleaded guilty to charges, testified against Walters at an April trial. He awaits sentencing.
    Mickelson was not mentioned by name during the sentencing, though the judge alluded to him as he described how Walters drew others into his corruption.
    The government said Mickelson earned nearly $1 million after Walters told him to buy Dean Foods stock in 2012, profits Mickelson gave 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.
    Castel noted "large and splashy displays of philanthropy" by Walters — some likely funded by his crimes — and said he credited him for quiet, under-the-radar gifts that "say something about the man's character."
    Those included paying medical school costs and buying a car for a student whose car broke down, funding a family vacation and salary for a young employee while his wife was dying and helping another acquaintance make it to his father's funeral in Romania.
    Given the opportunity to speak, Walters barely said anything beyond thanking the judge for reading everything submitted on his behalf.
    After being sentenced, a smiling Walters hugged his wife and others while politely declining comment as he left court. He was told to report to prison Oct. 10.
    In a release, U.S. Attorney Joon H. Kim said Walters cheated his way to profits through massive, perfectly timed trades.
    "Making millions in the stock market with a deck stacked in your favor leads to time in a federal penitentiary," he said.

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    Diamond hongkonger's Avatar
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    HILLARY WON

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    wow, lotta time...phil must be thanking his lawyers for getting him outta that shit...he got really fucking lucky since the government loves to make these insider trading cases with big splashy names...

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    Gold Forum Wars's Avatar
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    Always worth a rewatch.

     
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      Tellafriend: the guy is fascinating, and greedy.
      
      JACKDANIELS: good watch

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    Will probably do his time in a min security Club Fed facility and not miss watching any NFL.

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    12 Best Federal Prisons

    http://www.talkleft.com/story/2012/2...ons-to-Do-Time

    NC looks nice, could probably use a 6 month vacation from work myself.

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    Gold SetofKs's Avatar
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    Quote Originally Posted by JoeD View Post
    Will probably do his time in a min security Club Fed facility and not miss watching any NFL.
    Him going to a country club prison will probably be a bigger drop in his quality of life than most of us going to san quentin would be.

    But yeah, the prison he goes to will probably be pretty chill. A few years ago a few prisoners escaped from the Minimum security prison in Minnesota, and press asked the warden how escaped. Warden said something along the lines of "I don't know. I'm guessing they just got up and walked out, since we don't have any walls or lockdown here."

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    Gold Shizzmoney's Avatar
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    Billy Waters got more time than Scott Tom

    :LOL
    http://www.miraclecovers.com

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

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    Platinum cmoney's Avatar
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    What a retarded risk given how much it contributed to his net worth. For someone who made a great living off street smarts and hustles, this sure was amateur hour.

     
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      Tellafriend: Indeed
      
      JACKDANIELS: yup

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    Hi Todd JACKDANIELS's Avatar
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    exactly what i was thinking, guy was like 50 when this started and already had more money than he could spend in multiple lifetimes so seems crazy to do this

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    Hi Todd JACKDANIELS's Avatar
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    the risk vs reward is just insane, looks like he got lucky with the sentence and could easily have been made an example of and ended up with 10+ years inside. such a dumb move for someone who already is a multi millionaire and the money likely wont make any difference to their lifestyle so why bother

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    Quote Originally Posted by cmoney View Post
    What a retarded risk given how much it contributed to his net worth. For someone who made a great living off street smarts and hustles, this sure was amateur hour.
    40m.....is forty fucking million. That is a lot of money I don't care how much you have.

    I had no idea it was even remotely close to that much.

    There was no fucking way he was getting off with just a year.

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    Hi Todd JACKDANIELS's Avatar
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    yeah obv 40m is a lot of money but he made this over 8 years so the extra 5m a year is relatively small when the article says he had "$175 million in earnings from 2011 to 2015."

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    Quote Originally Posted by JACKDANIELS View Post
    yeah obv 40m is a lot of money but he made this over 8 years so the extra 5m a year is relatively small when the article says he had "$175 million in earnings from 2011 to 2015."
    Let's talk net worth. I mean is he a fucking billionaire? No chance in hell. Is he even a 500 millionaire? Extremely doubtful. Let's say he has 500m anyway which I HIGHLY doubt. (as I in would put my life on it he isn't worth that much) 40m extra is STILL a lot of money.

     
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      Hockey Guy: Pretty much this.

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    Platinum cmoney's Avatar
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    Quote Originally Posted by NaturalBornHustler View Post
    Quote Originally Posted by JACKDANIELS View Post
    yeah obv 40m is a lot of money but he made this over 8 years so the extra 5m a year is relatively small when the article says he had "$175 million in earnings from 2011 to 2015."
    Let's talk net worth. I mean is he a fucking billionaire? No chance in hell. Is he even a 500 millionaire? Extremely doubtful. Let's say he has 500m anyway which I HIGHLY doubt. (as I in would put my life on it he isn't worth that much) 40m extra is STILL a lot of money.

    It is a lot of money, no doubt. But it was so fucking obvious. He took the same cowboy/ break the rules mentality he had in the gambling world (and celebrated to some extent) which made him successful and tried to apply it to the Wall street.

    It is ALMOST as stupid as running an unlicensed bitcoin poker site in Las Vegas.

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    Hi Todd JACKDANIELS's Avatar
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    yes again 40mil is a lot of money but like was said before its high risk vs relatively low reward for an old guy with shitloads of money already.

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    Hi Todd JACKDANIELS's Avatar
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    basically i think if your gonna risk spending possibly decades in prison should be for life changing money. obv 5 mil a year would be life changing for most people but for this guy doesnt look like would make much if any difference.

    interesting if you watch the 60mins interview he talks about losing a ton of money in the stock market on enron and worldcom stocks so maybe he looked at this as a way to get even. maybe the motivation of finally beating the stock market was worth more to his ego than the extra money was worth to his lifestyle.

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    Platinum cmoney's Avatar
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    Quote Originally Posted by JACKDANIELS View Post
    basically i think if your gonna risk spending possibly decades in prison should be for life changing money. obv 5 mil a year would be life changing for most people but for this guy doesnt look like would make much if any difference.

    interesting if you watch the 60mins interview he talks about losing a ton of money in the stock market on enron and worldcom stocks so maybe he looked at this as a way to get even. maybe the motivation of finally beating the stock market was worth more to his ego than the extra money was worth to his lifestyle.

    Funny , I was thinking of that exact same part of the video. Almost as if he knew not to fuck with it but the degen part of his brain did an over ride.

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    Hi Todd JACKDANIELS's Avatar
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    yeah when you see him talking about how people from wall street in suits are less trustworthy than the average vegas gambler, it looks like the chance to get one over on them was worth more to him than the $$$ that prob makes little to no difference

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    Golf Professional Tegnation22's Avatar
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    I concur with everyones recent assessment. This was a "crush the house" power move and he wanted to get even with wall street. If he had that much of a networth why risk it if some unhinged revenge wasn't in play.
    "I hit that shot because it was a defining moment and when a defining moment comes along, you either define the moment or the moment defines you" Roy "Tin Cup" Mcevoy

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