Las Vegas Gambler Walters Is Convicted in Insider-Trading Case
(Bloomberg) -- Billy Walters was convicted of federal insider-trading charges in a case that could send the famed Las Vegas gambler to prison for years.
Jurors in Manhattan returned the verdict after hearing weeks of testimony that Walters earned $43 million over six years trading on tips from Tom C. Davis, the former chairman of Dean Foods Co. Davis, who was Walters's friend, business partner and golfing pal of more than 20 years, was the government's star witness.
The case was the highest profile -- and most colorful -- insider-trading trial in years. The testimony featured golfer Phil Mickelson and billionaire investor Carl Icahn, as well as a seamy world of gambling debts, stock tips delivered on burner phones and charity money used for prostitutes.
Walters was convicted of securities fraud and conspiracy.
To contact the reporter on this story: Patricia Hurtado in Federal Court in Manhattan at pathurtado@bloomberg.net.
To contact the editors responsible for this story: David Glovin at dglovin@bloomberg.net, Joe Schneider
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