Billy Walters Insider Trading Trial Revelations: Tipster Bet $150K on Blackjack Hand

Written by:
Guest
Published on:
Mar/20/2017
  • Man named in Billy Walters Insider Trading trial a high risk gambler
  • Walters is accused of profiting from inside tips he got from former Dean Foods chairman
  • Walters pocketed $17.1 million by trading the shares ahead of the announcement, according to prosecutors
  • Phil Mickelson and Carl Icahn also had links to case

A man alleged to have provided professional sports bettor and golf course developer Billy Walters with insider trading tips once dropped $150,000 on a hand of blackjack.

The trial of Walters, which began last week, featured testimony Monday from Gregg Engels, former chairman and found of Dean Foods Co. that he knew former chairman Tom C. Davis was a compulsive gambler.

Walters is accused of profiting from inside tips he got from Davis to the tune of $43 million over a six-year span. In exchange, Walters lent Davis almost $1 million, according to prosecutors.

From Bloomberg News:

The government began laying out its case against Walters with Engles’s testimony. He spent 2 1/2 days describing the operations of Dean Foods, the milk industry, the effects of drought on dairy prices and the lead up to the spinoff of WhiteWave, a unit that specialized in plant-based milks made from soy and almonds. The announcement of the spinoff on Aug. 7, 2012, sparked a 41 percent rise in the price of Dean Foods shares. Walters pocketed $17.1 million by trading the shares ahead of the announcement, according to prosecutors.

Scroll Down for More


Golfer Phil Mickelson tied to insider trading case but not criminally charged

Both golfer Phil Mickelson and corporate raider/US President Donald Trump advisor, Carl Icahn, were linked to the case, though criminal charges were not filed against either men.

Mickelson reportedly benefitted from a tip he received from Davis.   

In a civil lawsuit by the U.S. Securities and Exchange Commission, Mickelson was named as a relief defendant.

Investigators had examined whether Icahn passed inside information about Clorox Co to Walters.  For his part, Icahn admitted to forging a business relationship with Walters but insisted he never provided the gambler with tips.

"Mr. Icahn has never been accused of any wrongdoing, and as he has said before any suggestion he engaged in improper trading is inflammatory," a lawyer for Icahn said at the time.

- Jagajeet Chiba, Gambling911.com

Gambling News

No Evidence Ashes Test Under Fixing Threat, Says ICC

No Evidence Ashes Test Under Fixing Threat, Says ICC

The ICC are taking allegations in a British newspaper about attempts to organise spot-fixing during the third Ashes test “extremely seriously” but do not think the match has been compromised, global cricket’s governing body said on Thursday.

New Jersey Online Casinos Pass $700 Million in Lifetime Revenue

New Jersey Online Casinos Pass $700 Million in Lifetime Revenue

New Jersey's legal online casinos managed an array of achievements during a strong November, including surpassing $700 million in lifetime revenue since legalization in November 2013.

Arrested Gambino Crime Family Members Were Operating Illegal Sports Betting Ring

Arrested Gambino Crime Family Members Were Operating Illegal Sports Betting Ring

Seven individuals were taken into custody Tuesday morning, charged with loansharking, drug dealing and illegal gambling.

Recommended Online Lotto Affiliated Programs: MyLotto.com

Recommended Online Lotto Affiliated Programs: MyLotto.com

AffiliateGuardDog.com had a posting asking for recommended online Lotto affiliate programs and the consensus appearing to be that MyLotto.com was among the most established and most reputable.

Online Gambling Legislation Clears Committee Vote in Michigan

Online Gambling Legislation Clears Committee Vote in Michigan

The US state of Michigan could be the next to allow legalized online gambling following in the footsteps of Nevada, Delaware, New Jersey and, more recently, Pennsylvania. 

Syndicate