Pro Sports Bettor Billy Walters Sentenced to Five Years Prison

Written by:
Guest
Published on:
Jul/28/2017

NEW YORK – (Associated Press) - 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 vehicle 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.

Walters was told to report to prison Oct. 10.

Gambling News

Playboys Bypass The Storm Playing Sexy-Themed Slot Machines

Playboys Bypass The Storm Playing Sexy-Themed Slot Machines

Perhaps, there is nothing that brings high returns in any selling experience than sex. Because many producers know this fundamental truth, whether it is music, TV show, writing a book, and even producing films, there is an inclusion of the slightest degree of sex also if it is not seen.

Do Not Disturb: Caesar's Still to Enter Guest Rooms Every 24 Hours

Forget sleeping in late or enjoying some peaceful time in your hotel room... at least if you plan on staying at a Caesars Entertainment property.

William Hill Set to Return to Profit Following Online Overhaul

William Hill Set to Return to Profit Following Online Overhaul

The online bookmaker William Hill has improved some of its website features and anticipates a return back into the black as a result.

Bitcoin Goes Nuclear Presidents Day Weekend Trading To $11,000 Mark

Bitcoin Goes Nuclear Presidents Day Weekend Trading To $11,000 Mark

The recent price fluctuations in the Bitcoin Price Index has been a wild ride in recent months. New lows signaled a possible bear market, while renewed hopes of a long-term bullish run have resurfaced in recent trading activity.

Malta Looks to Root Out Italian Mafia Influence in Online Gambling

Malta Looks to Root Out Italian Mafia Influence in Online Gambling

The Government of Malta is looking to aggressively pursuit online gambling companies it deems to have ties to Italy's Mafia.

Syndicate