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Las Vegas gambler Walters convicted of insider trading

April 7, 2017 05:55 PM

NEW YORK — Billy Walters, a famed Las Vegas sports gambler, was convicted Friday of insider trading charges in a scheme that prosecutors said enabled him to make more than $40 million.

Following a three-week trial in federal court in Manhattan, jurors found Walters, 70, guilty on all 10 counts he faced, including securities fraud, wire fraud and conspiracy.

“Frankly, I'm in total shock,” Walters told reporters after the verdict. "I just lost the biggest bet of my life. To say I was surprised would be the biggest understatement of my life.”

Walters' lawyer, Berry Burke, said the verdict will be appealed.

Prosecutors said that from 2008 to 2014, Walters gained $32 million and avoided $11 million in losses by trading on inside information about Dean Foods Co.

Phil Mickelson was linked to the case, but the golfer did not testify or face charges.

Walters is likely facing five to 10 years in prison, according to reports.

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