UPDATE: Billy Walters was released from custody on $1M bond, 100K cash security.
Billy Walters just made his first appearance in fed court, after being arrested at golf course for insider trading @KTNV
— Mahsa Saeidi (@MahsaKTNV) May 19, 2016
Billy Walters held in US marshal jail on 2nd floor here last night. Brought here from golf course. @KTNV pic.twitter.com/xstR7VXLyp
— Mahsa Saeidi (@MahsaKTNV) May 19, 2016
Conditions for Billy Walters release: surrender passport, guns, submit drug testing, can't move, travel restricted to US @KTNV
— Mahsa Saeidi (@MahsaKTNV) May 19, 2016
Walters, in a red polo, sat alongside other defendants feet shackled, answered judge's questions, said he's 69, high school education @KTNV
— Mahsa Saeidi (@MahsaKTNV) May 19, 2016
13 Action News asked the 69-year-old about the allegations as he walked out of federal court.
Billy Walters had no comment as he walked out of federal court. @KTNV pic.twitter.com/eaSKs96mAm
— Mahsa Saeidi (@MahsaKTNV) May 19, 2016
ORIGINAL STORY:
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.
READ THE INDICTMENT AGAINST WALTERS
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.
READ THE INDICTMENT AGAINST DAVIS
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.
