Billy Walters Received Insider Information Via ‘Bat Phone,’ Jury Hears

Former chairman of Dean Foods Thomas Davis told a Manhattan court that is federal Tuesday that he regularly shared privileged insider information in regards to the company with Vegas sports betting legend Billy Walters.

Sports betting Billy Walters faces multiple charges of wire fraud and securities fraud.The alleged source of insider information, his former friend, Thomas Davis, testified against him this week.

The pair would communicate via particularly designated prepaid cellphones that they called their ‘bat phones,’ Davis said.

Walters is on test accused of profiting from illegal stock market trades on Dean Foods, A dallas-based company and certainly one of the largest processors of milk in the US.

Additionally it is alleged that Walters shared insider information, obtained from Davis, with their friends, including the golfer Phil Mickelson, who’s planned to be called as a witness for the defense.

Innocent Fulfilling

Davis said that the relationship had started ‘fairly innocently’ after the pair met at a California greens within the mid-nineties. He had been happy sufficient to own stock that is occasional tip within the hope he’d get some sports betting advice inturn, he said

However the nature associated with the relationship changed whenever Davis borrowed almost $1 million from Walters. After that, it ‘grew to a spot where we was a virtual conduit’ for inside information, he said.

‘I became in (more…)

We now are working with Adesto Technology