Fallout from BIlly Walters' CBS appearance?

[RealSlimShady]

http://www.thepostgame.com/blog/dish/201112/legendary-las-vegas-sports-bettor-under-attack-feds

[SportsMushroom]

I dont understand what they are after him for


isnt it legal to place bets in vegas?

seems to me that anyone that finds a way to make some money has to either be stripped of their wealth or be put in jail

I swear to god the US is like a nazi concentration camp, and every time I hear someone brag about how wonderful it is to live in the US it makes me realize what a country full of sheep it is

[Glitch]

they're not getting in trouble for placing wagers- they're getting in trouble for defrauding the tax system.

his beards he has betting for him arent being honest about where the money is coming from and allowing the proper sources (billy walters and his businesses) to be taxed appropriately. they just have to prove it.

[jimmyeatworld]

I dont understand what they are after him for


isnt it legal to place bets in vegas?

seems to me that anyone that finds a way to make some money has to either be stripped of their wealth or be put in jail

I swear to god the US is like a nazi concentration camp, and every time I hear someone brag about how wonderful it is to live in the US it makes me realize what a country full of sheep it is

This has nothing to do with the US buddy. The books have banned a guy and don't want him just paying lackeys to place his bets for him.

[HoulihansTX]

Why make 10,000 bets, and have to sign tax forms?
They are not being very discreet.

[SportsMushroom]

This has nothing to do with the US buddy. The books have banned a guy and don't want him just paying lackeys to place his bets for him.

and the feds care about this because..........?

[SportsMushroom]

they're not getting in trouble for placing wagers- they're getting in trouble for defrauding the tax system.

his beards he has betting for him arent being honest about where the money is coming from and allowing the proper sources (billy walters and his businesses) to be taxed appropriately. they just have to prove it.

no that is not what they are after him for, if it was for tax evasion the article would have said so


the article hints that they are investigating him on grounds of 'money laundering'


just another way of saying 'this guy is making too much money, this has got to stop'

[Glitch]

the books arent after him, the IRS is.

[opie1988]

and the feds care about this because..........?

Because it's illegal, and always has been.

Trust me, it's not just the IRS....it's also the FBI.

It's never a good idea to go on tv in front of millions of people showing off your homes, planes, etc.....and then basically brag how you have beaten 4 federal indictments. I promise you the US attorney doesn't take kindly to this.

This is a big deal. I've already seen some fallout from just the very beginning.

[SportsMushroom]

haven't you ever wondered why while in the rest of the world there is only income tax, in the US you have federal tax, state tax, property tax etc etc?

its because its their money, they let you wet your lips so you keep running that hamster wheel, but they want to make sure that most of it goes back to them

[Glitch]

the charge is "causing a domestic financial institution to fail to file an accurate currency transaction report"

if his corporation is betting, it should be noted as such. if the casino is getting money from him- this should also be noted. they are not saying he is laundering money, they are saying these rules are in place to curtail money laundering and they seem to be disregarding them.

[SportsMushroom]

the books arent after him, the IRS is.

yes but it does not mention that they are going after him for tax evasion, but for money laundering

they have evidence that robert walker made those bets, walker did not try to hide it and they are not prosecuting him for tax evasion so I am assuming that taxes on those winnings were paid

they are after something else, do you really think the feds really care who is placing bets in vegas?

[SportsMushroom]

the charge is "causing a domestic financial institution to fail to file an accurate currency transaction report"

if his corporation is betting, it should be noted as such. if the casino is getting money from him- this should also be noted. they are not saying he is laundering money, they are saying these rules are in place to curtail money laundering and they seem to be disregarding them.

so they are using a technicality to try get one over on him

hmmmm I wonder why

[BrigadierPudding]

haven't you ever wondered why while in the rest of the world there is only income tax, in the US you have federal tax, state tax, property tax etc etc?

lulz. You're clearly not familiar with taxes in Canada, Europe or Asia.

[FuzzyDunlop]

yes but it does not mention that they are going after him for tax evasion, but for money laundering

they have evidence that robert walker made those bets, walker did not try to hide it and they are not prosecuting him for tax evasion so I am assuming that taxes on those winnings were paid

they are after something else, do you really think the feds really care who is placing bets in vegas?

Yes, taxes on the winnings might have been paid, but the 'money laundering' argument the government is making is more wealth monitoring than anything. From the IRS's perspective an average guy that could have filed a tax return the previous year for $50K shouldn't be able to afford the wagers Walker was making without something to hide.

[jjgold]

He is a crook
His wealth came from illegal activities and not gambling

[blackbeSSt]

you can get a month of his picks for a mere $5000 a month

http://billywalterssportsbettingpicks.com/

[sideloaded]

Because it's illegal, and always has been.

Trust me, it's not just the IRS....it's also the FBI.

It's never a good idea to go on tv in front of millions of people showing off your homes, planes, etc.....and then basically brag how you have beaten 4 federal indictments. I promise you the US attorney doesn't take kindly to this.

This is a big deal. I've already seen some fallout from just the very beginning.

sure you have, you're more delusional than jjgold

[big0mar]

haven't you ever wondered why while in the rest of the world there is only income tax, in the US you have federal tax, state tax, property tax etc etc?

its because its their money, they let you wet your lips so you keep running that hamster wheel, but they want to make sure that most of it goes back to them

Because America's government does a lot more than other governments. No different than paying muscle to do your dirty work.

[Optional]

so they are using a technicality to try get one over on him

hmmmm I wonder why

As Opie suggested above... because it is bad PR for the feds to have someone brag about beating 4 indictments like that. They probably put a high dollar cost on the higher potential others will take more risks after seeing it.

So now they really need to nail him.

Just how these agencies work, world wide. Not some special conspiracy just because it's gambling related imho.

[bobby heenan]

haven't you ever wondered why while in the rest of the world there is only income tax, in the US you have federal tax, state tax, property tax etc etc?

its because its their money, they let you wet your lips so you keep running that hamster wheel, but they want to make sure that most of it goes back to them

kinda true

then they brainwash the kids and girls to think they have to be like the kardashian sisters...gotta have 500dollar shoes and a 1500dollar bag in order to be cool and important.....if yer car payment is under 400 bucks a month you drive a piece of crap and are worthless!!!!

and the banks are laughing all the way to the bank when you need to finance that car or youve got a 3k CC bill youve spent on clothes

[paco]

Guess he's not that sharp after all

[relaaxx]

isnt it legal to place bets in vegas?

seems to me that anyone that finds a way to make some money has to either be stripped of their wealth or be put in jail

I swear to god the US is like a nazi concentration camp, and every time I hear someone brag about how wonderful it is to live in the US it makes me realize what a country full of sheep it is

i live in the US. we are not free,never been free, and it is getting worse. this country is the greatest country in the world, if you are in the top 2% money makers.

[durito]

haven't you ever wondered why while in the rest of the world there is only income tax, in the US you have federal tax, state tax, property tax etc etc?

lol what? there are state and property taxes in plenty of countries

[John Dough]

lol what? there are state and property taxes in plenty of countries

And not every state in the US even has state income tax.

[excel]

Hopefully walker doesn't snitch.

[Dark Horse]

Accusation is of money laundering. By beards, used by Walters to get his bets down. I'd say the Vegas lobby is behind this 'federal' attack on BW. That's how US law works.

[Glitch]

Hopefully walker doesn't snitch.

no way he'll snitch ever. walters is going to take good care of his family while hes in there and great care of him when he gets out.

[sideloaded]

loose lips sink ships

[tony_come]

thats why you keep it low as possible, stay undercover

too many jealous ppl in this industry

[Darkside Magick]

i could not understand why he would do this interview. he broke a rule of the hustler code.... stay underground as much as possible

[RubberKettle]

Why he would live in the US and have this profession is beyond me.

Seems much easier to do this abroad.

[Glitch]

he probably thought it was harmless because hes supposedly not selling drugs and shaking down family owned restaurants and laundering the money.

he likely felt it was ok to violate this law to circumvent bans, limits and line change policies but the fact of the matter is- you are not at liberty to pick and choose which laws you want to obey for the jurisdiction in which you live and/or operate.

not without the risk of legal repercussion anyway.

[Bongo]

thats why you keep it low as possible, stay undercover

too many jealous ppl in this industry

I had my beard in Vegas place a $5 wager for me

[Darkside Magick]

Why he would live in the US and have this profession is beyond me.

Seems much easier to do this abroad.

if it was me..i would have left aeons ago...people allegiance to a dying country