Walters’ information is so good, that there have been allegations that people close to teams in the SEC tip him off about injuries and other matters that may affect games. This has never been proven, but, for the record, getting inside information on sporting events is NOT illegal in Nevada. It IS illegal on Wall Street, however. In a gambling career that spans more than three decades, Billy Walters has definitely had losing days and losing weeks, but somehow he has never had a losing year…until now. Last week, Billy Walters was convicted in federal court of insider trading. He could be sent to prison for years. The case was tried in Manhattan. Jurors reached the verdict after hearing weeks of testimony about how Walters earned $43 million over six years as a result of trading tips from Walters’ business partner, golfing buddy, and friend of more than 20 years, Tom C. Davis. Davis is the former chairman of Dean Foods Co. and was the government’s star witness. The trial was the highest profile insider trading case in years. Billionaire Carl Icahn and golfer Phil Mickelson were among those giving testimony. It was also the most colorful insider trading trial, featuring the sordid world of gambling debts, charity money spent on prostitutes, and stock trading tips sent to burner phones. Billy Walters was convicted of securities fraud and conspiracy.
