Sports Betting Legend Billy Walters Loses Appeal for New Trial

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Revered sports gambler Billy Walters has lost his appeal for a new trial.

Walters was convicted of insider trading in a case put together by the US Attorney's Office for the Southern District of New York. He was arrested in May of 2016 for his investments into Dean Foods from the period of 2008 to 2014.

Ultimately Walters collected $43 million for his trades of Dean Foods, including $17.1 million on a tip he received about a Dean Foods spin-off. Walters was found guilty on all counts of the indictment including four counts of securities fraud, wire fraud, and conspiracy to commit securities and wire fraud.

Walters' legal team argued that the government presented false testimony that led to his conviction by a jury of his peers. In an eight-page decision, US District Judge P. Kevin Castel denied Walters' motion for a new trial.

"Ultimately, this is not a case where there is “a real concern that an innocent person may have been convicted.”  United States v. Cacace, 796 F.3d 176, 191 (2d Cir. 2015).   Because Walters has failed to show that the government knowingly presented materially false testimony, defendant’s motion for a new trial (Dkt. No. 169) is DENIED." | Read Full Decision

Sportsbook Review will update when Walters is sentenced. The sports betting legend could receive at least eight years behind bars.

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