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- $10 million of ordered bond must be paid in cash or property
- Walters accused of engaging in insider trading that raked in millions
- The professional gambler is facing up to ten years prison time and millions of dollars in fines
- Prosecutors warned the judge that Walters is a potential flight risk
A Las Vegas professional gambler and golf course developer, Billy Walters, was ordered to post a $25 million bond, to be secured by $10 million in cash or property, after he pleaded not guilty in New York Wednesday.
Federal prosecutors last month announced criminal charges against William “Billy” Walters and the former director of Dean Foods, Thomas Davis, alleging that the pair used inside information about the company to make millions of dollars in illicit stock trades between 2008 and 2012. Prosecutors say the amount Walters received was in the neighborhood of $47 million.
Golfer Phil Mickelson has agreed to forfeit nearly $1 million after allegedly receiving an insider trading tip from Walters. No charges were filed against Mickelson.
Walters, 69, faces 10 counts, including conspiracy, securities fraud and wire fraud. Assistant U.S. Attorney Brooke Cucinella stated in court that Walters could receive up to ten years behind bars and may have to pay back millions to the US government.
Cucinella convinced the judge that Walters could use his millions to bribe pilots to fly him out of the country on his private jet.
"This is not your average defendant," she told U.S. Magistrate Judge Andrew Peck.
- Jagajeet Chiba, Gambling911.com
