A prosecutor urged a jury on Wednesday to find a professional Las Vegas gambler linked to golfer Phil Mickelson guilty of earning tens of millions of dollars illegally in the stock market. In the second day of deliberations today, the jury returned a guilty verdict against the Las Vegas resident on all 10 counts of conspiracy, securities fraud and wire fraud charges. The Las Vegas gambler linked to golfer Phil Michelson said outside court that he "just lost the biggest bet of my life".
"To say I was surprised would be the biggest understatement of my life", he added. "Frankly, I am in total shock".
Walters claimed he made millions in trading on Dean Foods and other stock because of the same intuitive genius and careful research that made him a successful gambler, but prosecutors relied on a former Dean Foods chairman who testified that he gave Walters inside tips.
Mickelson was not accused of wrongdoing and did not testify at trial, but he reached an agreement with the U.S. Securities and Exchange Commission in 2016 to pay back $1.03 million the regulator said he earned trading the dairy company's stock.
Walters, 70, faced a four-week trial in Manhattan before U.S. District Judge P. Kevin Castel.
His lawyer, Barry Berke, promised an appeal.
Kim said Walters made more than $43 million by making trades based on inside information about Dean Foods, which he received from one of the company's board members.
Closing arguments capped a three-week trial. Mickelson had owed Walters money over an outstanding debt. Davis, who was Walters's friend, business partner and golfing pal of more than 20 years, was the government's star witness. Davis, 68, pleaded guilty to a dozen separate crimes and agreed to cooperate with prosecutors in a bid for leniency when he's sentenced. Mickelson agreed to repay it.
William "Billy" Walters leaves Manhattan federal court in New York, Friday, April 7, 2017, after he was convicted of insider trading charges.