{"id":55471,"date":"2017-07-27T17:00:18","date_gmt":"2017-07-28T00:00:18","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=55471"},"modified":"2017-07-27T17:56:56","modified_gmt":"2017-07-28T00:56:56","slug":"sports-bettor-billy-walters-gets-five-years-securities-fraud","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/sports-bettor-billy-walters-gets-five-years-securities-fraud\/","title":{"rendered":"Sports Bettor Billy Walters Gets Five Years for Securities Fraud"},"content":{"rendered":"

Celebrated sports bettor Billy Walters<\/a> was sentenced to five years in prison by a federal judge in Manhattan on Thursday, having been found guilty in April of insider trading.<\/p>\n

\"Billy
Billy Walters is sentenced to five years and fined $10 million for an insider trading scheme that the judge labeled an \u201camateurishly simple crime.\u201d (CNBC)<\/figcaption><\/figure>\n

The 71-year-old was judged to have profited from privileged information<\/a> supplied by the former chairman of Dean Foods, Tom Davis, who testified against his former friend of 20 years as part of a plea deal.<\/p>\n

While it has been suggested that Walters made $43 million from illegal stock trades on Dean Foods, US District Judge P Kevin Castel, in sentencing, noted merely that his profits \u201cexceeded $25 million.\u201d<\/p>\n

\u201cBilly Walters is a cheater and a criminal, and not a very clever one,\u201d said Castel. \u201cThe crime was amateurishly simple.\u201d<\/strong><\/p><\/blockquote>\n

These words must have stung for a man whom Castel claimed to be \u201cfixated on appearing to himself and others to be a winner.\u201d<\/p>\n

Biggest Bet of His Life<\/strong><\/h2>\n

But for most of his life Walters was very much a winner. As well as being one of the most successful sports bettors in the US, the multi-millionaire owns a chain of golf courses and car dealerships and is something of a Vegas celebrity.<\/p>\n

Immediately following his conviction, Walters told the press that he had lost \u201cthe biggest bet of my life,\u201d but made no comment or plea for leniency at his sentencing. He merely thanked the judge for reading the character testimonies submitted on his behalf and hugged his wife before he was led away.<\/p>\n

\u201cThere was never a charity in town that we ever turned down,\u201d Walters\u2019 wife, Susan, wrote in a letter to the judge. \u201cThere were always hard luck stories from people in Vegas and Bill could never say no.\u201d<\/strong><\/p><\/blockquote>\n

Splashy and Showy Displays<\/strong><\/h2>\n

The judge dismissed much of Walters philanthropy as \u201csplashy and showy displays\u201d although he acknowledged that there were less conspicuous acts of generosity that \u201csaid something about the man\u2019s character.\u201d<\/p>\n

The prosecution had asked for ten years, the maximum under legal guidelines, while Walters attorney had suggested a year and a day, but Castel went straight down the middle. He also fined him $10 million. He is expected to appeal.<\/p>\n

\u201cMaking millions in the stock market with a deck stacked in your favor leads to time in a federal penitentiary\u201d said Acting Manhattan US Attorney Joon Kim in an official statement. \u201cFor the integrity of our securities markets, that is the blunt lesson our insider trading prosecutions must teach.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Celebrated sports bettor Billy Walters was sentenced to five years in prison by a federal judge in Manhattan on Thursday, having been found guilty in April of insider trading. The 71-year-old was judged to have profited from privileged information supplied by the former chairman of Dean Foods, Tom Davis, who testified against his former friend […]<\/p>\n","protected":false},"author":42,"featured_media":55472,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,60],"tags":[],"acf":[],"yoast_head":"\nSports Bettor Billy Walters Gets Five Years for Securities Fraud<\/title>\n<meta name=\"description\" content=\"Billy Walters was sentenced to five years in prison and fined $10 million for after making millions on illegal stock trades.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/sports-bettor-billy-walters-gets-five-years-securities-fraud\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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