Walters, whose risky bets earned him the title of the "most unsafe sports bettor in Nevada", was convicted of insider trading charges Friday, a federal prosecutor in Manhattan said.
In their second day of deliberations, jurors found Walters, 70, guilty on all 10 counts he faced, including securities fraud, wire fraud and conspiracy, following a three-week trial in federal court in Manhattan. "I just did lose the biggest bet of my life".
"To say I was surprised would be the biggest understatement of my life". "Frankly I'm in shock".
The federal jury was tasked with determining whether Walters illegally traded on stock tips from a director at Dean Foods.
Before the trial, Mickelson was listed as a possible witness, but he did not testify.
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Walters' lawyer, Berry Burke, said the verdict will be appealed. At one point, assistant USA attorney Brooke Cucinella told the jury, Walters purchased 1.5 million shares of Dean Foods just minutes after Davis left him a phone message telling him the company was spinning off part of its business and was about to report a surprisingly robust earnings announcement. Unless he's successful, Walters will be forced to walk away from Las Vegas businesses that include golf courses, auto dealerships and car-rental agencies, with total revenue of $500 million in 2013, according to testimony from his company's controller. Thomas Davis, a former Dean Foods board chairman, testified that he fed Walters tips about major developments involving the company before they became known publicly.
A defense lawyer was scheduled to deliver a closing argument Thursday. He has pleaded guilty to insider trading charges and is likely to receive leniency at sentencing as a result of his testimony. Davis used the money to pay off a casino debt and for prostitutes, Berke said.
Mickelson wasn't charged with wrongdoing although he agreed to repay the profit he made.
The case is U.S. v. Walters, 16-cr-00338, U.S. District Court, Southern District of New York (Manhattan).