Billy Walters Loses His Appeal

Written by:
Jagajeet Chiba
Published on:

The most successful sports bettor of our time, Billy Walters, has been denied his appeal to re-consider his five-year prison sentence.

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Walters was found guity of insider trading tied to Dean Foods co-Chairman, Thomas Davis.

It was found that Walters profited around $43 million from the insider trading.

Walters’ appeal came after an FBI agent leaked grand jury details about the investigation to reporters. The Manhattan federal judge rejected Walters request of appeal.  It claimed that the leaks had no impact on the grand jury.

“Walters tried to have his indictment thrown out, saying the case was prejudiced by leaks that prosecutors conceded likely violated criminal procedural rules. Walters suggested the leaks caused Davis to cooperate with the authorities and amounted to prosecutorial misconduct,” Reuters Report.

In addition to the jail sentence, Walters was also ordered to return $35 million.

- Jagajeet Chiba, Gambling911.com

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