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Las Vegas gambler Walters loses insider trading appeal

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Posted: #1
https://www.reuters.com/article/us-usa-insidertrading-walters-idUSKBN1O328K
 
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Posted: #2

For how many years was his conviction?
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Posted: #3

Phil Mickelson....slithered away 

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Posted: #4
Quote Originally Posted by TheGoldenGoose:


For how many years was his conviction?

5 years, although he is currently serving time. He is in club fed in Pensacola. It looks like older dorm rooms. 

Mickelson had to pay the money back but somehow avoided prison time
 
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OK thanks I had just looked it up.

"Since the 1980s, Walters has been indicted four times but never convicted"...  Did not know that either.
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Posted: #6

Quote Originally Posted by Lippsman:

Quote Originally Posted by TheGoldenGoose:

For how many years was his conviction?
5 years, although he is currently serving time. He is in club fed in Pensacola. It looks like older dorm rooms. Mickelson had to pay the money back but somehow avoided prison time

His lawyer fees for this case was likely equal if not more than his debt repayment...thats some lawyer keeping him out of jail 

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The U.S. Securities and Exchange Commission alleged that in July 2012, Walters pushed Mickelson to buy Dean Foods stock based on inside information Walters had about the spinoff of one of its divisions. Mickelson earned nearly $1 million in profits selling the stock after it surged on the spinoff news, which he used to repay a gambling debt to Walters.

Mickelson agreed to turn over to the SEC slightly more than $1 million based on his profits, plus interest, while Walters faced indictment for allegedly profiting and avoiding losses of $40 million based on "numerous illegal tips he got about the company."

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Posted: #8

Dumb Q but...how did Lefty get into such a hole with Walters? What was he gambling on?

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Posted: #9
Quote Originally Posted by packersbackers:

Dumb Q but...how did Lefty get into such a hole with Walters? What was he gambling on?



I dunno but he should have been gambling against Waters on the course.
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Posted: #10

Quote Originally Posted by packersbackers:

Quote Originally Posted by Lippsman:

Quote Originally Posted by TheGoldenGoose:

For how many years was his conviction?
5 years, although he is currently serving time. He is in club fed in Pensacola. It looks like older dorm rooms. Mickelson had to pay the money back but somehow avoided prison time
His lawyer fees for this case was likely equal if not more than his debt repayment...thats some lawyer keeping him out of jail

His name is Glenn Cohen from Jacksonville, FL. Mickelson obviously has the funds to pay his attorney whatever he wants. Even the legal system knows putting Mick in jail would be a very bad look.

But a professional gambler from Vegas ? It's like stalking the Mafia to the feds. 

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