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.
"If I would have made a bet, I would have lost - I just did lose the biggest bet of my life", Billy Walters, right, said outside court after his guilty verdicts.
U.S. District Judge Kevin Castel ordered home detention for Walters and no more use of his corporate plane while he awaits sentencing on July 14.
Prosecutors said Walters made over $40 million illegally from 2008 to 2015 trading on the stock of Dean Foods Co.
Prosecutors said Walters at one point recommended to Mickelson that the golfer, who at the time owed him a gambling debt, buy Dean Foods stock. Mickelson paid back the money he made off the trades.
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Walters is charged with earning tens of millions of dollars illegally by making profits and avoiding losses through tips from Davis. But the Securities and Exchange Commission accused Mickelson in a civil lawsuit of making almost $1 million in the stock trade.
As the verdict was returned on 10 counts of conspiracy, securities fraud and wire fraud, Walters shook his head repeatedly.
Walters was represented by Barry Berke with the firm Kramer Levin Naftalis & Frankel.
A defense lawyer was scheduled to deliver a closing argument Thursday.
Walters, 70, has built a sprawling business of auto dealerships, vehicle rental agencies and golf courses worth hundreds of millions of dollars. Davis, who pleaded guilty to perjury and agreed to cooperate with the prosecution as its star witness, testified during the trial that he became a "virtual conduit of nonpublic information" to Walters after he took $1 million from the gambler to cover betting debts and the expenses from a divorce. Berke said he routinely makes multimillion-dollar bets on companies in the stock market. If you would like to discuss another topic, look for a relevant article.