Professional Sports Bettor Billy Walters Ordered to Forfeit $25.4 Million

Following his prison sentence after being found guilty of insider trading, professional sports bettor and golf course developer Billy Walters has now been ordered to forfeit $25.4 million, money that was traced to his “illegal insider-trading gains”.

Walters, 71, was convicted in April of trading on illicit tips he got from his golf buddy, former Dean Foods Co. Chairman Tom Davis.  While professional golfer Phil Mickelson was named as a “figure of interest” in the case, no charges were ever brought against him.

Walters is to report to prison on October 10.  He was sentenced to a five-year prison term.

- Gilbert Horowitz, Gambling911.com