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Thread: Gambler Billy Walters Indicted for Cheating

  1. #1

    Default Gambler Billy Walters Indicted for Cheating

    This is a couple months old, Richard Munchkins favorite gambling all-star was indicted by the federal government's toughest prosecutor in late May...

    Las Vegas Bigshot Billy Walters Accused of Insider Trading
    In a case that also involves golfer Phil Mickelson, authorities have charged high-rolling sports bettor Billy Walters of breaking securities laws to make tens of millions of dollars.

    LAS VEGAS — Legendary Las Vegas sports bettor Billy Walters is known for getting the best of almost every wager, but this time federal authorities allege he went too far.

    Walters was hit with federal criminal charges Thursday in the Southern District of New York in connection with a lengthy insider-trading investigation that claims he made millions at the expense of the Dean Foods Company of Dallas, and Olive Garden parent company Darden Restaurants.

    Walters’s insider connection at Dean Foods, according to the government’s previously sealed information, is former longtime board of directors member Thomas C. Davis. Now accused of 12 criminal violations, Davis resigned from the company in 2015 and has agreed to cooperate in the investigation.

    Walters, 69, was arrested Wednesday afternoon at his upscale Bali Hai Golf Club on Las Vegas Boulevard by agents from the FBI’s public corruption squad and IRS Criminal Investigation Division. It’s a reminder that Walters has not only been enormously successful betting on sports, but also has been a high-rolling player in Nevada politics, donating generously to candidates and hosting fundraisers at his restaurant and golf course.

    MORE: http://www.thedailybeast.com/article...r-trading.html
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  2. #2
    Join Date
    Nov 2006


    Never mind the indictments, everybody loves him --

    Bill Walters, 69, is the sort of person for whom it is possible to use the phrase “latest indictment.”

    But, notably, none of those indictments has ever resulted in a conviction.

    Former Clark County Sheriff Bill Young said he’s lost track of all the law enforcement agencies that have bragged they were “going to nail Billy Walters.”

    “I’m still waiting for that, and I’m long retired,” Young said with a laugh.

    Young wouldn’t say that he and Walters were ever close, but the sports bettor and the cop who grew up in Sin City and made his bones as head of the vice squad came to understand each other.

    The Las Vegas police once took their own shot at Walters, investigating allegations that city officials had rigged a deal in Walters’ favor. The trail led to a public works director, who detectives found likely had committed a crime, Young said, and although the case was solid, an expired statute of limitations kept it from becoming more intense.

    more to read - http://www.reviewjournal.com/busines...r-bill-walters
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  3. #3
    Join Date
    Dec 2009
    Atlanta area

    Default Billy Walters Convicted of Cheating

    “Today Billy Walters lost his bet that he could cheat the securities markets on a massive scale and get away with it scot-free,” acting U.S. Attorney Joon Kim said Friday. U.S. District Judge Kevin Castel ordered home detention for Walters and no more use of his corporate plane while he awaits sentencing on July 14.

  4. #4

    Default Walters sentenced to 5 years in prison

    Sports Bettor Billy Walters Sentenced To Five Years In Prison Over Insider Trading Scheme

    Federal Judge Denies Pleas For Probation

    High-stakes sports gambler and Las Vegas businessman Billy Walters was sentenced Thursday to five years in prison and ordered to pay a $10 million fine over insider trading.
    The 70-year-old was convicted in April of receiving illegal stock tips from the former chairman of Dean Foods. The jury deliberated for two days after prosecutors laid out their case that Walters reaped more than $40 million from the tips. He was convicted on 10 counts of conspiracy and fraud, and he could have received a sentence that would have put him behind bars for the rest of his life.
    The government said the scheme went on for six years. Thanks to his fortune, Walters was called “the most dangerous sports bettor in Nevada” in a 2011 report from CBS.
    “Billy Walters is a cheater and a criminal, and not a very clever one,” U.S. District Judge P. Kevin Castel said, according to a report from the Las Vegas Review-Journal.
    “The crime was amateurishly simple,” the judge added about the plot which included a so-called “Bat Phone” to facilitate the illegal communications.
    Thomas Davis, the former Dean Foods chairman, helped the government convict Walters. He hasn’t been sentenced yet. Davis was in poor financial shape thanks to his gambling and spending habits and needed money, according to prosecutors. Davis’ gambling habit was so bad that he would bet $150,000 on a single hand of blackjack.
    Despite being friends, Walters helped him out in exchange for the illegal tips.
    Walters’ defense reportedly tried to argue that his health should spare him prison time, but prosecutors pointed out that he traveled to San Diego to play golf three times in the last two weeks.
    Despite the evidence against him, there were efforts by some powerful people to spare Walters of any prison time. One of those people to ask the judge to give him leniency was former Nevada Senator Harry Reid. The words were of little help.


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