A Manhattan federal court revealed that pro golfer Phil Mickelson lost five percent of his $48 million salary in 2012 due to gambling debts owed to professional gambler Billy Walters.
"If I would have made a bet, I would have lost - I just did lose the biggest bet of my life", Billy Walters, right, said outside court after his guilty verdicts. Sentencing was set for July. "As a unanimous jury swiftly found, Walters received inside information about Dean Foods for years - directly from one of its board members - and illegally traded on it, netting over $43 million".
"Armed with his illegal edge, Walters made huge, perfectly-timed trades, at times accounting for over a third of the trading volume in Dean Foods stock", AUSA Kim said in a statement.
Walters is charged with earning tens of millions of dollars illegally by making profits and avoiding losses through tips from Davis.
In 2016, Mickelson reached an agreement to pay back $1.03 million that the U.S. Securities and Exchange Commission said he made by trading in Dean Foods stock.
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William "Billy" Walters leaves Manhattan federal court in New York, Friday, April 7, 2017, after he was convicted of insider trading charges.
Douglas Berman, a professor of law at Ohio State University, said Walters, given the amount of money involved, is looking at a sentencing guideline range of upwards of 10 years in prison.
Barry Berke, Walters' lawyer, said his client would appeal. But alas, Carl was never called to testify, the theory never got a real trotting out and now the trial is over.
Walters, 70, has built a sprawling business of auto dealerships, vehicle rental agencies and golf courses worth hundreds of millions of dollars.
Closing arguments capped a three-week trial. Berke said he routinely makes multimillion-dollar bets on companies in the stock market. Davis, 68, pleaded guilty to a dozen separate crimes and agreed to cooperate with prosecutors in a bid for leniency when he's sentenced.