Las Vegas gambler’s insider trading appeal rejected by US Supreme Court

The U.S Supreme Court denied an appeal from the former Las Vegas Professional gambler, William Walters, to re-consider his five-year prison sentence. Walters, who is now 73, is regarded as the most successful sports bettors in the U.S history, with an estimated wealth of $200 million. The former sports’ bettor was accused of being part of an insider trading scheme whereby he used nonpublic information provided by former Dean Foods co-Chairman, Thomas Davis, about company plans, projections and earnings.

Furthermore, FBI investigations reveal that as a result of the information he received, Walters banked more than $43 million in profits, avoiding losses from 2008-2014. In addition to the prison sentence, Walters was fined $10 million, and ordered to return over another $25 million. 

FBI leaks lead to the appeal

Walters’ appeal came after FBI agent leaked grand jury details about the investigation to reporters. The Manhattan federal judge rejected Walters request of appeal, suggesting the leaks did not have an impact on the grand jury.

“Walters tried to have his indictment thrown out, saying the case was prejudiced by leaks that prosecutors conceded likely violated criminal procedural rules. Walters suggested the leaks caused Davis to cooperate with the authorities and amounted to prosecutorial misconduct,” Reuters Report.

The famous sports bettor still insists that FBI leaks are considered a “systematic and pervasive misconduct.” It is not a secret that the FBI occasionally leaks details of investigations to the press. In Walters case, the FBI finally admitted that agent Davis Chavesfed leaked confidential information to the Wall Street Journal and the New York Times. And although considered illegal, and hence repeatedly denied by the FBI, yet the court that the leaked information wouldn’t have affected the jury’s position anyway. 

Who is William “Billy” Walters?

Walters is an American entrepreneur, philanthropist, and retired professional gamblers, who is widely regarded among the most successful sports bettors in Las Vegas. Today his holding company owns interests in eight car dealerships, one golf course on the Las Vegas Strip, a rental-car franchise and several commercial properties. His gambling career started at 9 years old when he bet the money he earned from his paper route on the New York Yankees to beat the Brooklyn Dodgers back in the 1955 Baseball World Series. Even though Walter lost his bet this night as the Yankees lost, it did not deter him from gambling.

By the time he was 22, Walters had lost around $50,000, and in later years he lost his house as well during a game of pitching nickles. Walters success came in his mid-30s when he won $3.8 million after 38 hours of play at the Atlantic Club Casino Hotel. In the 1980s, he joined a Computer Group which used computer analysis to predict sports outcomes. Over his professional sports betting years, Walter suffered only one loss with a 30-year winning streak!

I'm Adam Shaw, Senior Editor and one of the first members at VegasSlots. I'm a massive football sports fan but also love casinos and occasional trips to Las Vegas. Gaming runs in the family

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