ESPN.com news services
NEW YORK — William “Billy” Walters, a Las Vegas gambler linked to golfer Phil Mickelson, was found guilty of insider trading charges on Friday.
The verdict capped a three-week trial in federal court in New York City. The 70-year-old sports gambler was convicted by a jury that deliberated over two days.
“I just lost the biggest bet of my life,” Walters said outside Manhattan federal court minutes after the jury returned its verdict. “To say I was surprised would be the biggest understatement of my life. Frankly, I’m in total shock.”
As the verdict was returned on 10 counts of conspiracy, securities fraud and wire fraud, Walters shook his head repeatedly.
Walters’ lawyer, Berry Burke, said the verdict will be appealed.
Following his second round at the Masters in Augusta, Georgia, Mickelson was asked for his reaction to the verdict and replied, “I’m going to pass.”
U.S. District Judge P. Kevin Castel set sentencing for July 14 and agreed to prosecution demands that Walters submit to electronic monitoring and give up use of his private plane. Over a prosecutor’s objection, Castel permitted Walters to return with his family on his plane to southern California, where he will reside until sentencing.
Prosecutors said Walters made over $40 million illegally from 2008 to 2015 trading on the stock of Dean Foods Co. Thomas Davis, a former Dean Foods board chairman, testified that he fed Walters tips about major developments involving the company before they became known publicly. The Dallas-based Dean Foods is one of the nation’s largest processors of milk for retailers.
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