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Gambler Billy Walters released on $1M bond

Posted at 7:16 AM, May 19, 2016
and last updated 2016-05-19 23:16:07-04

UPDATE: Billy Walters was released from custody on $1M bond, 100K cash security.

13 Action News asked the 69-year-old about the allegations as he walked out of federal court. 


William (Billy) T. Walters, who is one of the most successful sports gamblers in the world and a Las Vegas golf course owner, has been arrested by the FBI in Las Vegas on insider trading charges.

Federal prosecutors in New York said he "participated in a scheme" in which ex-Dean Foods Chairman Thomas Davis provided inside information that Walters then used to make $32 million stock trades. Walters also used the information to avoid $11 million in losses, according to court records.

Walters, 69, was arrested at a Las Vegas resort earlier this week without incident, according to the New York Times.


The investigation has been going on for more than two years. It has also touched billionaire Carl Icahn and pro golfer Phil Mickelson.

Davis resigned last August and pled guilty on Monday to a single count of conspiracy to commit securities fraud. Prosecutors say he leaked inside information about the company, using code words. For example, "Dallas Cowboys" was used to refer to Dean Foods.

RELATED: How Billy Walters became sports' most controversial bettor

In addition to criminal charges, Walters and Davis may also face a civil case from the Securities and Exchange Commission.


Mickelson, who has won three Masters golf titles, has not been accused of any criminal wrongdoing and there is no indication that he will be charged. He is named as a relief defendant, which means that he received ill-gotten gains as a result of illegal acts by others.

RELATED: Phil Mickelson agrees to forfeit $1M in SEC case

Mickelson owed Walters money from gambling debs at the time of the trades.