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.
William "Billy" Walters, right, leaves Manhattan federal court in NY, with his attorney, Barry Berke, Friday, April 7, 2017, after he was convicted of insider trading charges.
Kim said Walters made more than $43 million by making trades based on inside information about Dean Foods, which he received from one of the company's board members. The prosecutor said Mickelson gave the profits to Walters to cover gambling debts.
According to court documents, Mickelson used three brokerage accounts to purchase 200,240 shares (totaling $2.4 million) in Dean Foods stock between July 30-31 of that year. Mickelson agreed to repay it.
In her closing argument to the jury, prosecutor Brooke Cucinella called Davis the gambler's "man on the inside" and argued that Walters's use of disposable phones was proof he was aware he was breaking the law.
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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.
The case is U.S. v. Davis et al, U.S. District Court, Southern District of New York, No. 16-cr-00338.
She said Mickelson bought Dean Foods stock for the first time after Walters "told Mickelson that the trade was a victor". Mickelson was not charged. In openings, attorney Barry Berke said Davis was lying about Walters to keep himself out of prison. Davis, who was Walters's friend, business partner and golfing pal of more than 20 years, was the government's star witness. He has pleaded guilty to insider trading charges and is likely to receive leniency at sentencing as a result of his testimony. If you would like to discuss another topic, look for a relevant article.
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