Billy Walters to be Sentenced Next Week

Sports bettor Billy Walters failed in his bid to get a new trial. So sentencing is scheduled for next Thursday, July 27. But several powerful allies have come to his defense ahead of that date. Most notably former Nevada Senator Harry Reid. Reid wrote the Southern District of New York Court and asked Walters be given probation or minimum jail time. And he’s one of many believed to have come to the aid of Walters.

“I am sure there are people who do not like Billy Walters, but I have not met one of them,” Reid wrote. “All of whom I have had contact with regard to Billy Walters have shown nothing but positive regard toward Billy Walters and his family. I do not see how this man getting probation would, in any way, adversely affect the criminal justice system.”

Walters was convicted of 10 counts of insider trading. Walters made $43 million in buying and selling stock of Dean Foods on tips from Chairman Tom Davis. Davis owed Walters large sums of money due to gambling losses. Walters was there to bail him out, but wanted to know what was going on with the company. Through trading, Walters made much more back than he gave to Davis was the government’s argument. The jury agreed.

Walters has also been generous to Reid in the past through campaign contributions. He has given nearly $15,000 to Reid, along with additional money to PACs set up by Reid. He also gave large amounts to the Democratic party.

But Walters wasn’t adverse to supporting Republicans. He donated to George W. Bush and John McCain.

Walters faces up to 20 years in prison on his convictions. But his age of 70 likely precludes him from getting hit too badly. Having powerful friends never hurts and will likely play in his favor.