What is Billy Walters doing now? Sports bettor blames Phil Mickelson for insider trading conviction as he refused to testify at his trial
LAS VEGAS, NECADA: Billy Walters, widely recognized as the most accomplished sports bettor in history, released an autobiography named ‘Gambler: Secrets from a Life at Risk' on August 22, 2023.
Walters has also asserted that Phil Mickelson could have potentially aided him in evading incarceration if he had chosen to testify during his trial in 2017.
When did Billy Walter get caught?
In April 2017, Billy Walters was pronounced guilty of insider trading. This conviction stemmed from his utilization of non-public information acquired from Thomas C Davis, who held a position as a board member at Dean Foods.
Walters was handed a five-year prison sentence subsequent to his conviction on multiple charges, including conspiracy, securities fraud, and wire fraud related to trading Dean Foods stock using privileged information.
What was Billy Walters' allegation against Phil Mickelson ?
In an excerpt from his autobiography titled 'Gambler: Secrets from a Life at Risk', shared through Golf Digest, Walters alleged that Mickelson had placed 858 bets amounting to $220,000 and 1,115 bets of $110,000 between 2010 and 2014.
It came to light that Walters had shared confidential insights about certain trades with Phil Mickelson, who in turn executed several stock transactions leading to earnings of $931,000. As a consequence, Mickelson was directed by the SEC to reimburse $1 million.
What are Phil Mickelson gambling losses?
Phil Mickelson’s estimated total losses over the last three decades exceed a staggering $1 billion. Walters writes. "In all, he wagered a total of more than $1 billion" over the past three decades.
Walters places a significant portion of the responsibility for his conviction on Mickelson's shoulders. He claims that Mickelson had initially informed the FBI that he had never received insider trading information from Walters but declined to testify at the trial at a very late stage.
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As per an excerpt released on August 10 on FirePitCollective.com, Walters says it was not uncommon for Mickelson to "bet $20,000 a game on long-shot, five team NBA parlays. Or wager $100,00 or $200,000 a game on football, basketball and baseball."
Does Billy Walters have children ?
Gambler Billy Walters has three children with wife, Susan. However in a tragic incident, in 2019, Walters' daughter tragically took her own life, following a battle with opioid addiction, all while he was serving his sentence in prison.
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The Las Vegas entrepreneur firmly holds the belief that had he been outside of prison during that time, his daughter would still be alive.
Her passing has greatly influenced Walters' desire to "set the record straight" regarding his association with Phil Mickelson, seeing her death as a catalyst for clarifying his perspective on their partnership.