Revered sports gambler Billy Walters was arrested by the FBI last night in Las Vegas.
Walters is facing criminal charges of insider trading for trading activity with Deans Foods from 2008-2014.
Walters was previously chairman of Dean Foods, which an American food and beverage company specializing in dairy products.
The US Attorney at the helm of the case against Walters is Preet Bhara, who many gamblers remember led the charge against poker sites in the infamous Black Friday poker crackdown in April 2011, which led to PokerStars and Full Tilt Poker leaving the US market and the shutdown of Absolute Poker.
Bhara has made a name for himself going after big Wall Street targets. In the sports gambler arena, there is no bigger target than Billy Walters, whose fame had him profiled and interviewed by CBS' 60 Minutes program back in 2011.
According to an official news release from the US Attorney's office, Thomas C. Davis, former Chairman of the Board of Directors of Dean Foods, has pled guilty and is cooperating with prosecutors to establish their assertion that Billy Walters committed securities fraud.
Walters' attorney meanwhile has adamantly denied wrongdoing on his client's behalf:
“Bill Walters is a true American success story, whose extraordinary accomplishments as a lawful sports gambler have been widely recognized and lauded,” according to a report by the NY Times.
Phil Mickelson investigated
Billy Walters has a number of high-profile celebrity friends including athletes: golfer Phil Mickelson had his trading activity analyzed during the course of Bhara's investigation and was even contacted by the FBI on at least two occasions according to the NY Times report, though he is not expected to be charged with a crime.
Sportsbook Review will keep readers posted on the status of the case against Billy Walters. Readers interested in chatting about this news can join the Billy Walters insider trading discussion thread at SBR Forum.