[SteveRyan]

Now that he's been busted, it's pretty obvious what he's been doing all these years.

He had probably been a bookie for guys like Michelson and other high-profile, famous people who wanted to place a bet on some game. Instead of having to go to Vegas to make the bet, they just give Billy a call. He probably set the line and handled the whole thing. Over time, guys like Michelson ended up owing him a lot of money. So Billy gave Phil an insider trading tip with the idea that Phil will make enough money from the tip to pay him back.

[19th Hole]

Very surprised at the venom many posters are spraying at Billy Walters. The guy was a friggin' legend. When 60 Minutes does an expose on a guy who made millions betting sports, that's pretty damn good. I haven't seen JJ Gold on 60 Minutes, or Lakerboy, or Seaweed. But JJ keeps talking about how he screwed everyone over. Stu Feiner screws everyone over. Billy is a legend.

To be fair you don't know Billy's handle on sbr and he very well could be one of those you named.

[jjgold]

Now that he's been busted, it's pretty obvious what he's been doing all these years.

He had probably been a bookie for guys like Michelson and other high-profile, famous people who wanted to place a bet on some game. Instead of having to go to Vegas to make the bet, they just give Billy a call. He probably set the line and handled the whole thing. Over time, guys like Michelson ended up owing him a lot of money. So Billy gave Phil an insider trading tip with the idea that Phil will make enough money from the tip to pay him back.

He never made a lot of money straight betting

It was a front for booking

Walters was only relevant in sports betting when the sportsbooks did not have much technology

His edge was gone YEARS AND YEARS AGO like everyone else

ALL LINES NOW CHANGE IN VEGAS NOW WITHIN 30 second to one minute of a Pinny steam move

[Philmill]

Now that he's been busted, it's pretty obvious what he's been doing all these years.

He had probably been a bookie for guys like Michelson and other high-profile, famous people who wanted to place a bet on some game. Instead of having to go to Vegas to make the bet, they just give Billy a call. He probably set the line and handled the whole thing. Over time, guys like Michelson ended up owing him a lot of money. So Billy gave Phil an insider trading tip with the idea that Phil will make enough money from the tip to pay him back.

yepper

[TheMoneyShot]

Very surprised at the venom many posters are spraying at Billy Walters. The guy was a friggin' legend. When 60 Minutes does an expose on a guy who made millions betting sports, that's pretty damn good. I haven't seen JJ Gold on 60 Minutes, or Lakerboy, or Seaweed. But JJ keeps talking about how he screwed everyone over. Stu Feiner screws everyone over. Billy is a legend.

Quite possibly that was the first mistake? Allowing the interview for 60 Minutes. After it aired... probably opened up the gates to hell for Walters. If you are doing underground sh#$... keep it underground.

[jjgold]

He was crook since kid

Manny of you guys are squares and to commercial and just believe a little bit

[Harry N. Lloyd]

If we were squares why would we be hanging out here in the Players Talk forum of SBR? This is the home of Pros.

[Harry N. Lloyd]

BTW, is it a coincidence that Billy Walters was sent to prison and RichKas went awol at the same time?

[slayer14]

He will have regrets about his life when he will be in prison, he is spending the best years of his life in a dirty prison when he could have been enjoying his retirement like normal people.

[akdb8r]

So, Billy Walters is finally headed off to jail. But one thing that amazes me is a completely different law that he never broke.

Bill Walters found a way to legally hire runners for many years--decades even--when it seems that few others were able to crack the code of the Nevada law. An article from ESPN once quoted Clark County's chief deputy district attorney, saying that Billy Walters' use of runners was completely complicit with Nevada law:

[O]ne of Walters' attorneys visited the county prosecutor's office -- without prodding -- armed with records detailing how the gambling operation was set up legitimately through a limited liability corporation. The move surprised and impressed authorities, as did the fact that a former Vegas detective was overseeing the group's security arm. "They had one of the biggest law firms in the city set up their entire corporation and their books," says Brian Rutledge, Clark County's chief deputy district attorney. "It was scrupulously set up to be in compliance with all the gaming regulations. They were better set up legally than your average business, let's put it that way."

Source: http://www.espn.com/espn/feature/story/_/id/12280555/how-billy-walters-became-sports-most-successful-controversial-bettor

My question is: how? And please do NOT point to SB 443 because Billy Walters found a way to legally hire runners BEFORE SB 443 was even passed. Also, SB 443 isn't particularly helpful when very few casinos are allowing entity betting anyway.

If anybody has any thoughts, I'm really, really curious. This has always been a mystery to me, and I'm really curious how he pulled this off. Thanks in advance!

[slayer14]

Sir Allen Stanford another man that could not control his money addictions is serving a life sentence for money laundering

Allen Stanford: From king of the Caribbean to penniless in prison

Allen Stanford, one of the richest men in the world, will appear before a court in Houston, Texas, on Thursday to be sentenced to up to 230 years in jail

http://www.telegraph.co.uk/finance/financetopics/sir-allen-stanford/9321282/Allen-Stanford-From-king-of-the-Caribbean-to-penniless-in-prison.html

[INVEGA MAN]

Greed, greed wil do you in

[Mac4Lyfe]

Sir Allen Stanford another man that could not control his money addictions is serving a life sentence for money laundering

Allen Stanford: From king of the Caribbean to penniless in prison

Allen Stanford, one of the richest men in the world, will appear before a court in Houston, Texas, on Thursday to be sentenced to up to 230 years in jail

http://www.telegraph.co.uk/finance/f...in-prison.html

My next door neighbor was good friends with Stanford (I think they were fukking at 1 time). She swears by his innocence. I know a couple other people who also think the government went after him because of his foreign investments and that he paid them in their investments. You never know what to think and you just hope an innocent man didn't get set up to serve 100+ years in jail for nothing.

[jjgold]

Greed always does a person in

[TheMoneyShot]

Greed always does a person in

Ask Tony Montana

[PatrickSarni]

Mac4Lyfe- Allen Stanford was running a ponzi scheme. He's as guilty as sin. He ruined many peoples lives. Hope they lock him up and throw away the key.

[jtoler]

Sir Allen Stanford another man that could not control his money addictions is serving a life sentence for money laundering

Allen Stanford: From king of the Caribbean to penniless in prison

Allen Stanford, one of the richest men in the world, will appear before a court in Houston, Texas, on Thursday to be sentenced to up to 230 years in jail

http://www.telegraph.co.uk/finance/f...in-prison.html

I remember him vividly.

[Mac4Lyfe]

Mac4Lyfe- Allen Stanford was running a ponzi scheme. He's as guilty as sin. He ruined many peoples lives. Hope they lock him up and throw away the key.

I don't know the man but I do know how our government can set you up to be the fall guy. Really weird that the fund was paying everyone until the government decided to go in with a shit load of lawyers to divide everything up. Seems like the reason many people weren't paid is because lawyers made sure to ravage everything in the process.

[Plaza23]

His sentence will be a country club style prison ala Martha Stewart. I doubt he even serves more than 2 years.

[Mac4Lyfe]

His sentence will be a country club style prison ala Martha Stewart. I doubt he even serves more than 2 years.

Why do you say? You never know what the hell the judge is thinking prior to sentencing (if it is a judge sentencing?). Maybe he'll get off pretty lenient or maybe they say fukk you and throw away the key. Bottom line, you never want your future in the hands of someone else. Walters is sweating huge 10 teamer parlay right now.

[Plaza23]

Why do you say? You never know what the hell the judge is thinking prior to sentencing (if it is a judge sentencing?). Maybe he'll get off pretty lenient or maybe they say fukk you and throw away the key. Bottom line, you never want your future in the hands of someone else. Walters is sweating huge 10 teamer parlay right now.

Because Insider Trading is basically a victimless crime and nobody cares that much about it. Everyone on Wall Street claims to be "an insider", and plenty of stock brokers and investment bankers are calling their clients claiming to know what's going on. For Billy to not act on a tip, I mean - how do you not do that?

It's way different than a Ponzi schemers like Madoff who literally stole people's money and played with it themselves. Walters simply knew alot of important people, and acted on things when they ran their mouth to him. To me, I don't even think it's a crime.

[jtoler]

Because Insider Trading is basically a victimless crime and nobody cares that much about it. Everyone on Wall Street claims to be "an insider", and plenty of stock brokers and investment bankers are calling their clients claiming to know what's going on. For Billy to not act on a tip, I mean - how do you not do that?

[reigle9]

so plaza is more insane than jt

that should be notable

[Brooklyn Dick]

He will get about 8 years. There are sentencing guidelines, and one important one is how much money was involved.

Unless he does what he did before he came to Vegas and rats a bunch of people out to the Feds. He was a cold stone snitch.

[tibbs]

Rare to find a successful bettor that can beat the books consistently and be smart enough to not engage in other forms of gambling. They are gamblers by nature so it seems to be full throttle all the time on everything.