Gambler tied to Phil Mickelson convicted of insider trading

Defense: Case against gambler fails because witness lied

Prosecutors, in closing arguments Wednesday, April 5, 2017, urged a NY jury to find Walters, a professional Las Vegas gambler linked to golfer Phil Mickelson, guilty of earning tens of millions of dollars illegally in the stock market.

William "Billy" Walters, right, leaves Manhattan federal court in NY, with his attorney, Barry Berke, Friday, April 7, 2017, after he was convicted of insider trading charges.

Walters was placed under house arrest until his sentencing, which is scheduled for July 14.

Prosecutors already bagged a plea past year from Walters' co-conspirator, former Dean Foods chairman Thomas Davis.

Walters made headlines past year when famed golfer Phil Mickelson - who's now competing in The Masters in Georgia - was ordered to pay the Securities and Exchange Commission $1 million in fines for profiting off a tip from Walters about Dean Foods.

Walters is charged with earning $40 million by making profits and avoiding losses through tips from Davis. The Securities and Exchange Commission cited Mickelson for the trades in a lawsuit and Mickelson agreed to repay the money.

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The case is U.S. v. Walters, 16-cr-00338, U.S. District Court, Southern District of New York (Manhattan).

Barry Berke, Walters' lawyer, said he would appeal. 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.

Closing arguments over two days capped a three-week trial and enabled jurors to begin deliberations in late afternoon. Berke said he routinely makes multimillion-dollar bets on companies in the stock market. Davis, who was Walters's friend, business partner and golfing pal of more than 20 years, was the government's star witness.

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