{"id":51558,"date":"2023-08-22T10:28:16","date_gmt":"2023-08-22T14:28:16","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/billy-walters-new-book-gambler-reveals-much-about-an-american-icon\/"},"modified":"2023-08-22T10:28:18","modified_gmt":"2023-08-22T14:28:18","slug":"billy-walters-new-book-gambler-reveals-much-about-an-american-icon","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=51558","title":{"rendered":"Billy Walters\u2019 new book \u2018Gambler\u2019 Reveals Much About An American Icon."},"content":{"rendered":"
\n

Billy Walters is an entrepreneur, philanthropist and, above all, a risk taker. His new book, Gambler: Secrets From A Life At Risk, recounts his amazing life and provides fresh details about the government\u2019s troubling insider-trading case against him.<\/p>\n

The book is a fascinating look behind the success, failure and redemption of one of the greatest gamblers and entrepreneurs of our time. He provides insight into his life and openly admits many shortcomings on his way to building an incredible business in real estate, golf courses and car dealerships … oh, and yes, gambling.<\/p>\n

In the past two weeks, there has been a considerable amount of press about Walters\u2019 relationship with pro golfer Phil Mickelson and the revelations of gambling, back stabbing and indifference that marked their friendship. As Walters tells it, he and Mickelson enjoyed wagering and the thrill of putting it all on the line, something that bonded their early friendship.<\/p>\n

According to Walters, Mickelson wagered more than a billion dollars over 30 years. Mickelson has admitted his gambling issues, stating, \u201cI have also been very open about my gambling addiction. I have previously conveyed my remorse, took responsibility, have gotten help, have been fully committed to therapy that has positively impacted me and I feel good about where I am now.\u201d<\/p>\n

<\/fbs-ad><\/p>\n

However, it was not gambling that would eventually tear apart their friendship, but a criminal case for insider trading in shares of Dean Foods that put the two at odds. The government began to target Walters in an insider trading investigation as early as November 4, 2011. In the early stages, the investigation pertained to certain stock purchases and allegations of insider trading involving Clorox\ufeff CLX\ufeff stock, famed investor Carl Icahn, and Walters. As the book recounts, the government tracked Walters\u2019 phone to capture phone numbers for all incoming and outgoing calls. However, after several years, the Government\u2019s investigation grew cold, with no evidence of wrongdoing.<\/p>\n

Then, in April 2013, the Financial Industry Regulatory Authority made a referral to the SEC about Walters\u2019 trading in Dean Foods. As Walters writes: The FBI and U.S. Attorney were still smarting about the time they wasted investigating the Clorox trades. Once they heard about Dean Foods, they were doubly determined to take me down.\u2019\u2019<\/p>\n

In May 2014, FBI Supervisory Special Agent (\u201cSSA\u201d) David Chaves, who was in charge of the investigation, reached out to The New York Times\ufeff<\/em>NYT<\/em>\ufeff and Wall Street Journal<\/em> reporters to plant information from a grand jury probe \u2013 a clear violation of federal law. Soon, Walters\u2019 name was splashed on the front pages.<\/p>\n

According to Walters, his case relied on \u201c … the conduct of two crooks – FBI Agent David Chaves and my one-time friend Thomas C. Davis [former chairman at Dean Foods].\u201d<\/p>\n

Walters said he met Davis in 2000 and thought of him \u201cas nothing less than a gold-plated member\u2019\u2019 of Dallas\u2019 business elite. One of Davis\u2019 roles as chairman was to promote the stock, and Walters admits speaking with Davis but never receiving anything that was \u201cinside information.\u2019\u2019 Davis even met with the SEC in 2015 and insisted he and Walters were innocent of any wrongdoing, Walters writes.<\/p>\n

But Davis was leading a double life. He \u201chad become a heavy drinker, gambler and sex addict by night,\u201d Walters said. Facing charges on a variety of criminal misconduct \u2013 including bilking money from a Dallas charity – Davis decided to cut a deal and plead guilty. After months of denying he provided any insider tips, Davis met 29 times with authorities to rehearse testimony that would convict Walters. Davis ended up being sentenced to two years in prison.<\/p>\n

Mickelson also was caught up in the investigation but settled with the Securities and Exchange Commission. He was never charged criminally and, despite some public-relations issues associated with being the face of accounting and auditing firm KPMG, continued playing golf. Walters said he always believed that Mickelson would come to his aid and testify that Walters had never provided him insider information. Given Mickelson\u2019s celebrity \u2013 especially juxtaposed against Davis\u2019 testimony \u2013 Walters said he is convinced the jury would have come to a different conclusion.<\/p>\n

However, that day never came. Mickelson refused to testify.<\/p>\n

Walters knew his case was not going to be ordinary, the book notes. He was a big fish for New York prosecutors. Walters was arrested by a host of FBI agents at his office at his Bali Hai golf course on the Vegas strip. Paraded out in handcuffs, Walters mysteriously was then taken to the JW Marriott Las Vegas Resort & Spa where he was held overnight until Bharara held a news conference the next morning in New York to crow about Walters\u2019 arrest. Once the new conference was over, Walters was taken for his arraignment in Manhattan.<\/p>\n

Walters also reveals key details about the government\u2019s misconduct, and the efforts Bharara\u2019s office took to keep it hidden. When Walters\u2019 legal team raised questions in court about the illegal leaks, Bharara\u2019s office called it a \u201cfishing expedition\u2019\u2019 filled with \u201cfalse and baseless accusations.\u2019\u2019 But once a judge schedueld a hearing on the matter, Bharara\u2019s team fessed up. As Walters writes: \u201cFaced with the prospect of being caught red-handed after lying to the court, the Southern District and DOJ had finally decided to cut their losses in regard to their corrupt and illegal conduct.\u2019\u2019<\/p>\n

The extent of FBI agent Chaves\u2019 punishment, the book reports, was an admonishment from Judge Castel saying of his behavior, \u201cI find it truly ironic that Mr. Walters is charged with, among other things, tipping material nonpublic information to another. And to help support that case, the special agent apparently tipped material nonpublic information improperly to another.\u201d Castel said that Chaves should probably be prosecuted for criminal contempt and obstruction of justice. However, the trial continued. No charges have ever been filed against Chaves and he was allowed to retire from the FBI.<\/p>\n

Walters\u2019 book highlights the symbiotic relationship between the media \u2013 supposed watchdogs of government \u2013 and government prosecutors. In their quest to get scoops, some journalists become willing dupes for rogue agents \u2013 parroting whatever information they get, believing it\u2019s true because it came from the government. And in Mickelson\u2019s case, Walters makes clear that \u201cWhen push comes to shove, Phil doesn\u2019t care about anyone except himself. Time and time and time again.\u2019\u2019<\/p>\n

What is next for Waters? In the book he writes \u201c… my newest and greatest challenge: finding ways to fix a broken prison system.\u201d His idea, \u201c… create vocational schools inside select prisons. Inmates would have to qualify and earn the right to attend these schools by proving that they are completely committed. The schools will be operated by private entities outside of the Bureau of Prisons. They will be run like charter schools, offering courses and training in automotive, electrical, construction, and plumbing trades, and other fields in desperate need of workers.\u201d<\/p>\n

Walters already has put a plan into action and helped fund creation of a new facility in Las Vegas called the Billy Walters Center for Second Chances, where he has partnered with Hope For Prisoners founded by Jon Ponder.<\/p>\n

In closing, Walters noted of his remaining time here on earth, \u201cI\u2019ll work until the day I die. That said, having spent my entire life under the gun, I no longer feel driven by the burning desire to press the accelerator straight to the floor.\u201d<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Billy Walters is an entrepreneur, philanthropist and, above all, a risk taker. His new book, Gambler: Secrets From A Life At Risk, recounts his amazing life and provides fresh details about the government\u2019s troubling insider-trading case against him. The book is a fascinating look behind the success, failure and redemption of one of the greatest […]<\/p>\n","protected":false},"author":1,"featured_media":51559,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-51558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured"],"yoast_head":"\nBilly Walters\u2019 new book \u2018Gambler\u2019 Reveals Much About An American Icon. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Billy Walters is an entrepreneur, philanthropist and, above all, a risk taker. 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