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Gambling Update: Judge sets Billy Walters' bail at $25 million

06.02.2016     06:26 AM     Printer Friendly

UPDATE

Things aren't looking great for Billy Walters. Phil Mickelson saved face and avoided charges by agreeing to return some of the "proceeds" of an alleged insider trader scheme. The man who provided said information, Dean Foods Chairman Tom Davis, pleaded guilty. That leaves Walters who faces 10 counts, a shit-ton of fines, and potential jail time. After pleading not guilty, the judge issues a $25 million bond and limited Walters’ ability to travel.


"With a direct channel into Dean Foods's boardroom, Walters placed enormous bets on the company's stock," Manhattan U.S. Attorney Preet Bharara said on May 19. "But as described in the indictment, these bets were no gamble at all, they were a sure bet."






Billy Walters continues to draw attention from the media

06.01.2016     09:15 AM     View Original Blog
Everyone thinks they have a beat on Billy Walters. Whether it's a steam play at 2 am on a college football total, his current net worth, or how many homes he owns.


“Walters is the only person I know who started out a degenerate gambler and became a successful one. He’s a mythical figure in Las Vegas.”

“Las Vegas betting is a very different game from playing the stock market,” said Brad Simon, a former federal prosecutor in private practice. He added: “Career insider traders traditionally know better than to make these kinds of purchases.”






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