{"id":47905,"date":"2017-04-05T18:00:59","date_gmt":"2017-04-06T01:00:59","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=47905"},"modified":"2017-04-05T12:18:58","modified_gmt":"2017-04-05T19:18:58","slug":"billy-walters-not-insider-trader","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/billy-walters-not-insider-trader\/","title":{"rendered":"Billy Walters \u201cSavvy Investor,\u201d Not Insider Trader, Court Hears\u00a0"},"content":{"rendered":"

On the penultimate day of arguments in the Billy Walters trial, Walters\u2019 lawyers positioned their client as a man who displays the kind of acumen investing In the stock market that he has throughout his sports betting<\/a> career.<\/p>\n

\"Gambler
Professional gambler Billy Walters leaving a federal court in Manhattan. On Tuesday the court heard that Walters commonly made stock market trades of $5 million to $100 million and studied the markets obsessively. (Image: Getty Images)<\/figcaption><\/figure>\n

Walters, one of the most famous and successful sports bettors in the world, stands accused of making $43 million from illegal stock market trades using insider tips, allegedly provided by Tom Davis, the former chairman of Dean Foods Co.<\/p>\n

The message this week was clear: Walters is so smart at stock market investment that he doesn\u2019t need to cheat.<\/p>\n

The defense called a parade of stock market brokers to testify in confirmation of that assertion.<\/p>\n

Prosecution Star Witness Embezzled Money <\/b><\/h2>\n

The only problem for Walters is the star witness for the prosecution, Tom Davis himself, who has testified in court that he became a \u201cvirtual conduit of information\u201d on Dean Foods for his former friend Walters.<\/p>\n

Davis is testifying against Walters as part of a plea bargain with federal prosecutors after admitting charges including securities fraud and wire fraud.<\/p>\n

\n

Barry Berke, Walters\u2019 attorney, has argued that Davis is an unreliable witness and \u201ca liar\u201d who \u201cwrongfully implicated Walters only after he got caught stealing from a charity and cheating on his taxes.\u201d<\/strong><\/p>\n<\/blockquote>\n

Davis himself has admitted in court that he embezzled money from a charity for battered women in order to help fund his love of gambling and hookers.<\/p>\n

He has also admitted he borrowed over $1 million from Walters, part of which he told Walters was to refinance a Dallas bank, but in reality it was for himself, and he blew it gambling. He lost $200,000 alone on one hand of blackjack, in 2011 at the Cosmopolitan in Las Vegas<\/a>.<\/p>\n

The Babe Ruth of Risk<\/b><\/h2>\n

Appearing for the defense, stockbroker Rob Miller, of Stifel Nicolaus & Co., told the jury that Walters was a \u201cvery, very aggressive investor\u201d who would make trades in amounts anywhere from $5 million to $100 million and would study the markets assiduously.<\/p>\n

\n

\u201cHe really, I would say, combined a professional style of gathering research and information with a gambler\u2019s trading instinct,\u201d said Miller. \u201cHe was far and away my most aggressive investor.<\/strong><\/p>\n<\/blockquote>\n

\u201cSometimes he\u2019d talk to me in gambling parlance,\u201d he added. \u201cOftentimes, he would refer to his investments as \u2018bets.\u2019 \u201d<\/p>\n

Another broker referred to him as the \u201cBabe Ruth of Risk.\u201d<\/p>\n

Closing arguments are expected on Wednesday.<\/p>\n","protected":false},"excerpt":{"rendered":"

On the penultimate day of arguments in the Billy Walters trial, Walters\u2019 lawyers positioned their client as a man who displays the kind of acumen investing In the stock market that he has throughout his sports betting career. Walters, one of the most famous and successful sports bettors in the world, stands accused of making […]<\/p>\n","protected":false},"author":42,"featured_media":47906,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,21,10,60,1074],"tags":[],"acf":[],"yoast_head":"\nBilly Walters \u201cSavvy Investor,\u201d Not Insider Trader, Court Hears\u00a0<\/title>\n<meta name=\"description\" content=\"Vegas gambler Billy Walters doesn\u2019t need insider information, says his lawyer, on penultimate day of insider trading trial.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Billy Walters \u201cSavvy Investor,\u201d Not Insider Trader, Court Hears\u00a0\" \/>\n<meta property=\"og:description\" content=\"Vegas gambler Billy Walters doesn\u2019t need insider information, says his lawyer, on penultimate day of insider trading trial.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/billy-walters-not-insider-trader\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2017-04-06T01:00:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-04-05T19:18:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/04\/656632008.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"340\" \/>\n\t<meta property=\"og:image:height\" content=\"254\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/billy-walters-not-insider-trader\/\",\"url\":\"https:\/\/www.casino.org\/news\/billy-walters-not-insider-trader\/\",\"name\":\"Billy Walters \u201cSavvy Investor,\u201d Not Insider Trader, Court Hears\u00a0\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/billy-walters-not-insider-trader\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/billy-walters-not-insider-trader\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/04\/656632008.jpg\",\"datePublished\":\"2017-04-06T01:00:59+00:00\",\"dateModified\":\"2017-04-05T19:18:58+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"Vegas gambler Billy Walters doesn\u2019t need insider information, says his lawyer, on penultimate day of insider trading trial.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/billy-walters-not-insider-trader\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/billy-walters-not-insider-trader\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/billy-walters-not-insider-trader\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/04\/656632008.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/04\/656632008.jpg\",\"width\":340,\"height\":254,\"caption\":\"Professional gambler Billy Walters leaving a federal court in Manhattan. 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