Las Vegas gambler Billy Walters convicted of insider trading
Walters, whose risky bets earned him the title of the "most unsafe sports bettor in Nevada", was convicted of insider trading charges Friday, a federal prosecutor in Manhattan said.
Professional sports gambler William "Billy" Walters departs Federal Court after a hearing in Manhattan, New York City, New York, U.S., July 29, 2016.
Walters, 70, faced a four-week trial in Manhattan before U.S. District Judge P. Kevin Castel.
Davis, who testified against Walters as part of a plea deal, told jurors he passed tips ahead of Dean Foods' earnings reports and a 2012 spinoff of part of its business, using "burner" phones.
Prosecutors described an old-fashioned insider-trading scheme: Davis would tip Walters, Walters would trade on it, and Davis would either make a profit or avoid a loss. The Securities and Exchange Commission cited Mickelson in a lawsuit and Mickelson agreed to repay it.
And we really fell in love with this case when Walters and his lawyers invented a whole new strategy for defense against insider trading charges: Claiming that you just mimicked Carl Icahn.
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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.
Walters, who didn't testify at the trial, has beaten the odds before.
His lawyer, Barry Berke, promised an appeal.
Closing arguments over two days capped a three-week trial and enabled jurors to begin deliberations in late afternoon.
Mickelson was not charged criminally. Unless he's successful, Walters will be forced to walk away from Las Vegas businesses that include golf courses, auto dealerships and car-rental agencies, with total revenue of $500 million in 2013, according to testimony from his company's controller. He has pleaded guilty to insider trading charges and is likely to receive leniency at sentencing as a result of his testimony.
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