Billy Walters sentencing today

JackStraw77 · Jul 27, 2017

Prosecutors want 10 years for insider trading. What do you think the judge will hand down. Yesterday a Wall Street analyst who was convicted of insider trading was sentenced to 45 months.

Joon H. Kim, the Acting United States Attorney for the Southern District of New York, announced that JOHN AFRIYIE, a former analyst at a Manhattan-based private investment fund (the “Fund”), was sentenced today in Manhattan federal court to 45 months in prison for committing insider trading. AFRIYIE was convicted on January 30, 2017, following a jury trial before U.S. District Court Judge Paul A. Engelmayer, who also imposed today’s sentence.
Manhattan U.S. Attorney Kim said: “On more than two dozen occasions, John Afriyie traded on material nonpublic information, and then used his own mother and destroyed emails to cover up his crimes. The heavy price of the illegal edge Afriyie sought was his liberty.”

valium · Jul 27, 2017

He got 5 years.

valium · Jul 27, 2017

i still can't figure out why he went to trial so soon after getting indicted.

Greenbacks · Jul 27, 2017

Las Vegas gambler William "Billy" Walters has been sentenced to five years in prison over his role in a $43 million insider-trading scheme, the office of the U.S. Attorney for the Southern District of New York said Thursday.
Walters was convicted in April on all 10 counts he faced, including securities fraud, conspiracy and wire fraud.
From 2008 to 2014, prosecutors said, Walters made $32 million in profit and avoided another $11 million in losses due to trading on insider information on Dean Foods Co., which he obtained from company chairman Thomas Davis.
Walters' maneuvers also involved a stock tip to Phil Mickelson, a star golfer.
"Making millions in the stock market with a deck stacked in your favor leads to time in a federal penitentiary," acting U.S. Attorney Joon H. Kim said in a release announcing Walters' sentencing.

Greenbacks · Jul 27, 2017

ML Dog · Jul 27, 2017

Las Vegas gambler Billy Walters, once the most successful sports bettor in the country, was sentenced to five years behind bars for masterminding a six-year insider-trading scheme with former Dean Foods Co. Chairman Tom Davis.

Walters, whose prolific wagers over four decades helped him buy seven homes and a $20 million jet, stood silently as a judge handed down the sentence Thursday in Manhattan federal court.

The judge described Walters as a rich Las Vegas celebrity who sought to exploit his relationship with Davis out of pure greed and a desire to be seen as a winner. The gambler also left a paper trail that made his conviction inevitable.

"Billy Walters is a cheater and a criminal, and not a very clever one," U.S. District Judge P. Kevin Castel said. "The crime was amateurishly simple."

U.S. District Judge P. Kevin Castel

Walters made at least $43 million on corrupt tips from Davis (Estimated $34 Million in Gains & $10 Million in Losses Avoided). He was convicted on 10 counts of fraud and conspiracy in April after a four-week trial. Jurors rejected attempts by his defense team to blame the scheme on Davis, his former friend and golfing buddy, who pleaded guilty and cooperated with the government.

Walters was also fined $10 million.

The case -- among the most colorful and high-profile insider-trading prosecutions in recent years -- also entangled pro golfer Phil Mickelson, who wasn’t accused of wrongdoing but agreed to pay back almost $1 million he earned trading on information he got from Walters, 71. Davis pleaded guilty and testified against Walters. Davis has yet to be sentenced.

Thomas Davis

Walters, who had bragged that he never had a losing year in his career wagering on football and basketball, will leave behind Las Vegas businesses that include golf courses, auto dealerships and car-rental agencies, with total revenue of $500 million in 2013, according to testimony from his company’s controller.
<aside class="inline-newsletter" data-state="ready">
</aside>More than 100 friends and supporters wrote letters seeking leniency for Davis, including tennis great Andre Agassi, ex-Senate Majority Leader Harry Reid of Nevada and professional golfers including Jim Colbert and Peter Jacobsen.

Defense attorneys have suggested a prison term of about a year -- a proposal that prosecutors said would send a message to the investing public that rich defendants can buy their way out of jail.

“There was never a charity in town that we ever turned down,” Walters’s wife, Susan, wrote in her letter to the judge. “There were always hard luck stories from people in Vegas and Bill could never say no. We saved many peoples’ homes, paid for medical care, paid for funerals, paid for educations and school clothes and helped people get back on their feet.”

Walters’s Generosity

Reid praised Walters’s generosity toward Opportunity Village, a Las Vegas nonprofit for people with intellectual disabilities. "I do not see see how this man getting probation would, in any way, adversely affect the criminal justice system,” he wrote.

But prosecutors portrayed Walters in sentencing documents as "unrepentant" about his role in the "brazen scheme." The government also mocked Walters’s bid for leniency on various health-related grounds, saying his physical well-being and age concerns are undermined by his 77 visits to a San Diego golf club since 2014, including three in the last two weeks.

At trial, prosecutors described an old-fashioned insider-trading plot: Davis would tip Walters, Walters would trade on the information and either make a profit or avoid a loss. The prosecutors claimed Walters would call Davis’s disposable phone -- a so-called Bat Phone, which Davis claimed he eventually tossed into a creek behind his home.

PhoneWaterDamage.2e16d0ba.fill-735x490.jpg

Davis, Walters’s friend for more than 20 years, was the government’s star witness. He said he passed on information because Walters provided him with loans of almost $1 million that he needed to pay off gambling debts, cover failed investments and finance a bitter divorce.

The case is U.S. v. Walters, 16-cr-00338, U.S. District Court, Southern District of New York (Manhattan).

above from: https://www.bloomberg.com/news/arti...y-walters-gets-five-years-for-insider-trading

Billy Walters has been a gambler since he was a dirt-poor boy in tiny Munfordville, Kentucky, where gambling wasn’t legal.

His father died when he was a year old and his mother split. The grandmother who raised him had a profound effect on his life — and gave him his first lesson in business. She took him to the bank when he was 7 and arranged a $40 loan so he could buy a power lawnmower and make money cutting grass. Two years later, they borrowed $90 to start a paper route.

That was about the time young Walters learned that money hard-earned could also be lost.

He saved up all his earnings — he recalls it was $120 — for 18 months and then laid his first bet with a local grocer: His heroes, the New York Yankees, had to win the 1955 World Series.

It remains “one of the most hurtful, memorable losses I’ve ever had,” Walters said.

https://www.reviewjournal.com/business/casinos-gaming/nevermind-the-indictments-everybody-loves-las-vegas-gambler-bill-walters/

In the sports betting world, Walters’ name is synonymous with the Computer Group betting case, but, actually, Michael Kent was the brain behind the system. A mathematician who helped develop the nation’s nuclear submarine technology, Kent was also a self-described “computer nerd” and softball player.

His use of computer programs to determine the abilities of the teams in his softball league wound up turning sports betting on its head by creating a data-driven handicapping system that rated teams with greater depth and accuracy than the pros.

No winner goes unnoticed in Las Vegas for long, so Kent soon found himself meeting Dr. Ivan Mindlin, an orthopedic surgeon who had been a physician to celebrities but was better known around casinos as a heavy gambler.

Kent partnered with Mindlin for the 1980 college and professional football seasons, and battered local and illegal bookies so successfully they needed help finding enough bookmakers to take their bets.

Walters’ contacts came in handy.

https://knpr.org/desert-companion/2016-10/white-whale

The Story of The Computer Group
By Ian Thomsen

http://www.offshorebettor.com/images/COMPUTER.htm

PatsFanatic · Jul 27, 2017

those chocolate chip ice cream cookies look tasty

ML Dog · Jul 27, 2017

Typo in the above ^^^^^ "More than 100 friends and supporters wrote letters seeking leniency for Davis" should have been:

"More than 100 friends and supporters wrote letters seeking leniency for Billy Walters" and not Davis.

Bloomberg's Oversight Editorial Error, within the quoted article. Surprising, for Bloomberg really.

ML Dog · Jul 27, 2017

PatsFanatic said:
those chocolate chip ice cream cookies look tasty

Looks like they're available only in Wisconsin & Michigan so you'll need to call Your Pilot and Gas Up the Dassault.

PatsFanatic · Jul 27, 2017

Roger that...those are some of my favorite ice cream treats.
I usually let them sit out of the freezer for a good 5 minutes so they soften up real nice...

Mobdeeper7239 · Jul 27, 2017

Didn't know you had to be in top shape/great health to play golf. Just because he plays golf doesnt mean he is healthy. Just saying, there is no correlation there. Don't people have heart attacks or strokes all of the time on golf courses?

ML Dog · Jul 27, 2017

PatsFanatic said:
Roger that...those are some of my favorite ice cream treats.
I usually let them sit out of the freezer for a good 5 minutes so they soften up real nice...

That Picture above from an article about "Must Have Treats in SouthEast Asia", those Ice Cream Cookies from Singapore. Of all places. Who'd have thunk SINGAPORE was a "Wheel House" for Bomb-Ass Ice Cream Cookies?

A look at that picture reveals Making Your Own, of these, is a route to try, Get High Quality "Olde Fashioned" Vanilla Ice Cream, Miniature Chocolate Chips and hunt down a Great Bakery near you....for Chocolate Chip Cookies. Mix Chips with Ice Cream, place between Cookies. Pre-made Storebought gets slaughtered.

JackStraw77 · Jul 27, 2017

So what happens now. Is there an appeal. Was he assigned a date he has to report to prison. Usually in these the cases the defendant is given two or three months to get his life in order before he reports to prison. Is he eligible for parole after serving a few years.

tatehill2000 · Jul 27, 2017

Skip! Skip!!! Skip!!!!!
Go to a non extradition country

He is literally worth a bil dollars... and he's in his 60s...
This is a rediculous crime, of which senators/Congress commit EVERY DAM DAY..

They don't deport child rapists..(Polansky). why would they bother with white collar crime?

JackStraw77 · Jul 27, 2017

You don't think he already had to surrender his passport. He probably is already wearing an ankle bracelet. Because of his wealth he is under surveillance. Not saying he couldn't get away. He has the means to do it.

tatehill2000 · Jul 27, 2017

JackStraw77 said:
You don't think he already had to surrender his passport. He probably is already wearing an ankle bracelet. Because of his wealth he is under surveillance. Not saying he couldn't get away. He has the means to do it.

cut it off,,, drive to mexico,,,

boom,,, half way there,,, you got a bilion bucks,,, and i am pretty godam sure a hund mill is splatterd around the earth in a hund dif, countries,,, just saying,,
hes in his 70s,,, and sentenced for 5 years??? WTF??? your life is over man,,,

valium · Jul 27, 2017

JackStraw77 said:
So what happens now. Is there an appeal. Was he assigned a date he has to report to prison. Usually in these the cases the defendant is given two or three months to get his life in order before he reports to prison. Is he eligible for parole after serving a few years.

All federal time you must do a minimum of 85%. So at best he can get 9 months shaved off his sentence.

Greenbacks · Jul 27, 2017

Walters, who is 71 years old, is scheduled to surrender to authorities on Oct. 10. He plans to appeal.

Greenbacks · Jul 27, 2017

He might skip town @)

Greenbacks · Jul 27, 2017

Billy Walters sentencing today

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