Former chairman of Dean Foods Thomas Davis told a Manhattan federal court on Tuesday he regularly shared privileged insider information concerning the company with Las Vegas sports betting legend Billy Walters.
Sports betting Billy Walters faces multiple fees of wire fraud and securities fraud.The alleged source of insider information, his former buddy, Thomas Davis, testified against him this week.
The pair would specially communicate via designated prepaid cellphones that they called their ‘bat phones,’ Davis said.
Walters is on trial accused of profiting from illegal stock market trades on Dean Foods, A dallas-based company and one of the biggest processors of milk in the usa.
It is also alleged that Walters shared insider information, obtained from Davis, with his friends, including the golfer Phil Mickelson, who’s planned to be called as a witness for the defense.
Davis said that the relationship had started ‘fairly innocently’ after the pair met at a California course within the mid-nineties. He was happy enough to offer the occasional stock market tip within the hope he’d get some good 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 point where we had been a digital conduit’ for inside information, he said.
‘I became indebted to him,’ he said. ‘He be Continue reading “Billy Walters Received Insider Information Via ‘Bat Phone,’ Jury Hears”