Gambling Debts and Prostitutes Take Center Stage at Billy Walters Trial

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A man accused of providing professional sports bettor and golf course developer Billy Walters with insider-trading tips admitted to gambling debts, prostitutes, and theft from a battered women’s charity to cover gambling losses during his second day of testimony.

On Tuesday, former Dean Foods chairman Thomas Davis, 68, told of how he encouraged one-time friend Walters to buy stock in the Dallas-based company he helmed.

Davis said he shared extensive information about Dean Foods with Walters in 2011 and 2012, a time in which the company was looking to spin off.

In May 2014, two FBI agents visited Davis at his Dallas home, saying Walters had earned between $16 million and $17 million on trades involving Dean Foods between May 2012 and August 2012.

David was testifying in order to gain leniency after already pleading guilty to federal insider trading charges including securities and wire fraud.

On Tuesday, Davis talked of how Walters introduced him to pro golfer Phil Mickelson, who is expected to testify later in the trial.  He also mentioned how Walters was close friends with corporate raider-turned US President Donald Trump advisor Carl Icahn.

But it was the former Dean Foods chairman’s confessions of his own wrongdoings that grabbed the spotlight this day.

Davis told of how he once stole from a battered women’s charity to cover half of a $200,000 gambling debt owed to the Cosmopolitan hotel in Vegas.

He also admitted to paying for sex with prostitutes to the tune of $2000 to $3000 while in Vegas.

Phone records also indicated that Davis had patronized various escort services while on four business trips to Chicago, San Francisco, New York and Colorado.  He had previously denied using such services.  Walters attorneys looked to discredit Davis’ testimony, citing the previous falsehoods.

The trial continues Thursday.

- Jagajeet Chiba,

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