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

• 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.

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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