Las Vegas sports gambler Walters convicted of insider trading

Mickelson a distraction in insider trading case: gambler's lawyer

Read 'em and weep, a NY federal jury told professional gambler Billy Walters on Friday after the six-woman, six-man panel convicted him of securities fraud, wire fraud and related conspiracies.

Walters, who didn't testify at the trial in Manhattan federal court, has said he owns seven homes and a $20 million jet.

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. "As a unanimous jury swiftly found, Walters received inside information about Dean Foods for years - directly from one of its board members - and illegally traded on it, netting over $43 million".

Walters claimed he made millions in trading on Dean Foods and other stock because of the same intuitive genius and careful research that made him a successful gambler, but prosecutors relied on a former Dean Foods chairman who testified that he gave Walters inside tips.

Walters is charged with earning $40 million by making profits and avoiding losses through tips from Davis. But the Securities and Exchange Commission accused Mickelson in a civil lawsuit of making almost $1 million in the stock trade.

Cucinella said Davis owed Walters almost $1 million at the time from a loan Walters had given him. In openings, attorney Barry Berke said Davis was lying about Walters to keep himself out of prison.

Closing arguments over two days capped a three-week trial and enabled jurors to begin deliberations in late afternoon.

Walters, 70, has built a sprawling business of auto dealerships, vehicle rental agencies and golf courses worth hundreds of millions of dollars. He has pleaded guilty to insider trading charges and is likely to receive leniency at sentencing as a result of his testimony. Bloomberg News reported the ruling in the case that involved Phil Mickelson as a "relief defendant", although the five-time major champ never made an appearance in court. If you would like to discuss another topic, look for a relevant article.

Related news:

Hot News

isis-killer-beheading-video-story-top McConnell reaches out to Romney about possible Senate bid
Apr 08, 2017 - 07:33
Jon Huntsman Jr. had indicated interest, but has reportedly been tapped by Trump to be the USA ambassador to Russian Federation . Hatch told The Atlantic , meanwhile, he is "giving careful consideration as to whether I will seek reelection".

isis-killer-beheading-video-story-top Trump approves Keystone XL, calling it 'great day' for jobs
Apr 07, 2017 - 02:43
Environmentalists oppose oil sands because producing it requires additional processing that emits more pollution. That reverses former President Barack Obama's 2015 decision to reject the controversial pipeline.

isis-killer-beheading-video-story-top Ecuador's president-elect warns Assange to avoid politics
Apr 07, 2017 - 02:30
Ecuadorean leftist Lenin Moreno won Sunday's presidential election after a tight contest with his right-wing opponent. Mr Lasso has until 12 April to challenge the result officially, the electoral council said.

isis-killer-beheading-video-story-top Taylor Swift Isn't Hiding: She's Making New Album & Could Be Country Music
Apr 07, 2017 - 02:29
The source finished off by adding fans can look out for the album at the end of this year, which really isn't even that far off. In September, Swift turned out to the Tommy Hilfiger fashion show at New York Fashion Week to support her pal Gigi Hadid.

isis-killer-beheading-video-story-top Nearly half of US adults infected with genital HPV
Apr 07, 2017 - 02:27
Though recent numbers have shown high HPV rates, vaccinating adolescents has been the proven way to bring these totals down. While great progress has been made in creating HPV vaccines, current approaches to prevent infection have limitations.

isis-killer-beheading-video-story-top Brazil takes over top spot from Argentina in FIFA rankings
Apr 07, 2017 - 02:26
In the overall World top five, Brazil are number 1, followed by Argentina, Germany, Chile and Colombia . Italy sit in 12th place, England in 14th and the Netherlands have dropped 11 places to 32nd spot.

Liverpool held by Bournemouth as King crowns comeback
Apr 07, 2017 - 02:26
Now sitting 13th, it has not been the worst season for Bournemouth by any stretch. They are continuing to grow as a team and as a club in England's top flight.

isis-killer-beheading-video-story-top Indiana's AG urged to appeal abortion ruling
Apr 07, 2017 - 02:25
He works as an Online Marketing Consultant for, providing web marketing services for clients in Albany , Goldsboro . Pratt said that IN also failed to justify mandating that women make two separate trips to abortion clinics.

Sensex, Nifty close in red after RBI keeps rate unchanged
Apr 07, 2017 - 02:25
At 9.15am, the home currency was trading at 65.06, down 0.27% from its Wednesday's close of 64.88. In contrast, the BSE market breadth was bullish - with 1,472 advances and 1,419 declines.

Conte has released Chelsea star Hazard!
Apr 07, 2017 - 02:23
In the we got the victory our performance deserved. 'He knows that he is important to Chelsea , like I do. Conte was asked how it felt being the first manager to complete a league double over Guardiola.

Israeli killed in Palestinian car ramming in West Bank - army
Apr 07, 2017 - 02:21
The alleged attacker was arrested, an Israeli army statement said , without giving details about him. The site is holy to both Muslims and Jews and is located in occupied East Jerusalem .

isis-killer-beheading-video-story-top American mayors affirm climate goals even after Trump executive order
Apr 06, 2017 - 02:43
The Sierra Club says that in recent years some 250 coal plants have been retired or are preparing for retirement. Morrisey said he thinks the president's action can help his state's hard-hit mining industry rebound.

isis-killer-beheading-video-story-top Patrick Ewing Hugs It Out With John Thompson
Apr 06, 2017 - 02:40
On Wednesday afternoon, Ewing stood composed and assertive during his introduction as the new Georgetown men's basketball coach. ARKANSAS HIRES WOMEN'S COACH: Washington's Mike Neighbors has been hired as the new women's basketball coach at Arkansas.

Susan Rice vehemently denies 'unmasking' allegations calling them 'absolutely false'
Apr 06, 2017 - 02:40
Nunes and some other Republicans say this supports Trump's claim that the Obama White House had Trump's team under surveillance. The identities of at least some Trump associates were unmasked, in part at Susan Rice's request or direction.

isis-killer-beheading-video-story-top IS fighters in Mosul provoking coalition strikes on civilians: US military
Apr 06, 2017 - 02:39
A series of large-scale bombings claimed by IS have struck Baghdad since the operation to retake Mosul began. Wednesday night, a suicide truck bomb targeted a police checkpoint on Baghdad's main southern entrance.