Las Vegas sports gambler Walters convicted of insider trading

Defense: Case against gambler fails because witness lied

Defense: Case against gambler fails because witness lied

A federal jury in NY found sports gambler Billy Walters guilty on 10 counts of fraud and conspiracy Friday in an insider-trading case that featured testimony about the betting habits of PGA Tour standout Phil Mickelson.

Walters, 70, was convicted on 10 accounts of fraud and conspiracy for making approximately $43 million over six years off stock tips received from Tom C. Davis, the former chairman of Dean Foods Co. The Las Vegas gambler linked to golfer Phil Michelson said outside court that he "just lost the biggest bet of my life".

Professional sports gambler William "Billy" Walters departs Federal Court after a hearing in Manhattan, New York City, New York, U.S., July 29, 2016.

Mickelson was not accused of wrongdoing and did not testify at trial, but he reached an agreement with the U.S. Securities and Exchange Commission in 2016 to pay back $1.03 million the regulator said he earned trading the dairy company's stock. His lawyer said the verdict will be appealed.

William "Billy" Walters should be acquitted because he never cheated when he earned over $40 million through well-timed trades of the stock of the Dallas-based Dean Foods Co., attorney Barry Berke said.

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"The apology should have been directed toward the protesters and the movement itself, which their ad appears to trivialize". The ad was mocked by several people , among them Bernice King, daughter of civil rights leader Martin Luther King Jr.

Mickelson wasn't charged. But the Securities and Exchange Commission accused him in a civil lawsuit of making almost $1 million trading Dean Foods stock. The federal jury was tasked with determining whether Walters illegally traded on stock tips from a director at Dean Foods. The prosecutor said Mickelson gave the profits to Walters to cover gambling debts.

Neither Mickelson nor Icahn faced criminal charges.

The verdict capped a three-week trial.

He praised his client, saying the Kentucky-born sports gambler had built a sprawling business of auto dealerships, vehicle rental agencies and golf courses worth hundreds of millions of dollars and routinely made multimillion-dollar bets in the stock market. Davis, 68, has pleaded guilty to insider trading charges and was cooperating in the hopes of leniency at sentencing.

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