"If I would have made a bet I would have lost", Walters told reporters as he left court.
He praised his client, saying the Kentucky-born sports gambler had built a sprawling business of auto dealerships, vehicle rental agencies and golf courses worth hundreds of millions of dollars and routinely made multimillion-dollar bets in the stock market.
"To say I was surprised would be the biggest understatement of my life". "Frankly, I am in total shock". Bloomberg News reported the ruling in the case that involved Phil Mickelson as a "relief defendant", although the five-time major champ never made an appearance in court.
"Today Billy Walters lost his bet that he could cheat the securities markets on a massive scale and get away with it scot-free", Manhattan Acting U.S. Attorney Joon Kim said.
Walters was placed under house arrest until his sentencing, which is scheduled for July 14.
His lawyer, Barry Berke, promised an appeal.More news: Klopp wants Liverpool to be more like Chelsea
Prosecutors described an old-fashioned insider-trading scheme: Davis would tip Walters, Walters would trade on it, and Davis would either make a profit or avoid a loss.
Walters, 70, has built a sprawling business of auto dealerships, vehicle rental agencies and golf courses worth hundreds of millions of dollars. "As a unanimous jury swiftly found, Walters received inside information about Dean Foods for years - directly from one of its board members - and illegally traded on it, netting over $43 million". Davis, who was Walters's friend, business partner and golfing pal of more than 20 years, was the government's star witness.
Walters's lawyers, in turn, alleged that Davis repeatedly lied on the stand to save his own skin. Davis, 68, has pleaded guilty to insider trading charges and was cooperating in the hopes of leniency at sentencing. Mickelson paid back the money he made off the trades.
Asked what evidence led to the guilty verdict, one juror replied, "Everything that was in front of us".
The case is U.S. v. Davis et al, U.S. District Court, Southern District of New York, No. 16-cr-00338. But the Securities and Exchange Commission accused Mickelson in a civil lawsuit of making almost $1 million in the stock trade.