The famous Las Vegas gambler Billy Walters was sentenced to five years in prison due to the insider trading scheme he was involved in. Is everything behind this story true? Did Billy really deserve to spend 5 years in prison?
Vegas Gambler Billy Walters to Spend Five Years in Prison
Billy Walters is probably one of the most famous and wealthiest gamblers in the world, and his career lasted for 30 years. Moreover, in most of the texts about him, the writers didn’t refer to these 30 years as a career, but a winning streak. That clearly explains just how smart and powerful Walters is. Unfortunately, his career failed to remain unstained in spite of his many efforts to keep his private life completely isolated. Not many people from the outside world got the opportunity to meet this man. Although, there was an interview or two which helped us peek into his mind.
In 2017, the court sentenced Billy Walters to 5 years in prison, as he was involved in an insider trading scheme. To make things worse, this entire scheme wasn’t a one-time thing, nor a short-term one. The prosecutors claimed that Billy has kept earning millions in a span of 5 to 6 years. To be precise, it has been proven that he made over $40 million and saved himself from losing $11 million.
It turned out that Walters kept investing from the scheme between 2008 and 2014. He obtained most of the inside information on Dean Foods Co. from his best friend who is an ex-chairman of the company — Thomas Davis.
Billy has been found guilty on all 10 counts he was facing. These include security fraud, conspiracy, and wire fraud. Walters didn’t plead guilty; however, he is already doing his time in the Federal Prison of Pensacola — a jail with minimum security measures. Additionally, the judge instructed Walters to pay a $10-million fine for all his acts.
For now, Billy claims that his friend and golf partner, Phil Mickelson, is guilty for the entire situation, as he wouldn’t come forward and testify. Mickelson is a problem gambler who owed quite a hefty sum of money to people, so Walters let him in on the scheme. That assured that Mickelson earned at least $1 million. However, during Billy Walters’ indictment, Mickelson’s lawyer claimed Mickelson was merely a bystander. He pleaded innocent, and the judge and the jury somewhat agreed. The court ordered him to pay back the money he took.
On the other end, Walters claims that they could have avoided all of this if Mickelson cared more about truth than this own reputation. He said “Here is a guy [Mickelson] that all he had to do was come forward and tell the truth. That was all he had to do. But the guy wouldn’t do that because he was concerned about his image. He was concerned about his endorsements.”
Unfortunately, given how Walters is 71, this means he will spend some of his possibly last years in prison. Many claim that if you take his age into consideration, Billy Walters’ sentencing could have been, and should have been a lot softer. Either way, the situation is still quite fresh, and anything could happen in the meantime.
For now, Billy is serving his time in prison, as he’s waiting for any possible change in his indictment. In spite of it all, he still remains one of the most legendary gamblers alive, and many generations will speak of his endeavors and accomplishments. All the people he inspired will forever remember all that he achieved during his long and successful career.