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Walters Takes Hits in Trial

The trial of professional sports bettor/businessman Billy Walters got a bit ugly Tuesday. Thomas Davis, the former chairman of Dean Foods, told jurors he supplied Walters inside trading information “more times than I can remember.” It will be up to the jury to decide whether to believe Davis. So far, Davis hasn’t looked all that good.

Davis has admitted to stealing from a battered women’s shelter to pay gambling losses. Davis has already pleaded guilty to securities and wire fraud. He is testifying against Walters to receive a lighter sentence.

Davis also admitted to paying prostitutes between $2,000 and $3,000. Davis’ phone records indicated he used escort services in Chicago and New York, among others. He previously denied using escort services. Walters’ attorneys will look to discredit Davis on the basis of his changing stories. it is common for prosecutors to bring up their witnesses’ past since the defense would be sure to do so. If the defense brought it up it would like like prospectors were trying to hide something.

Davis said he supplied Walters information for seven years, sometimes using what he called the “bat phone.” He said they two had a secret, coded language. Davis reportedly passed on information in hopes Walters would supply him with gambling information.

Davis and Walters first met in

Both admit that Walters helped Davis out of a financial situation with a $1 million loan. Davis said Walters became more demanding of information, such as earning reports, after that. Walters denies that claim and said he was merely helping out a friend.

Two FBI agents visited Davis at his home in May, 2014, and claimed Walters made between $16 and $17 million in Dean Foods trades in 2012.  Davis said he lied then, but decided to tell the truth after a stroke in 2015.

All told, prosecutors say Billy Walters made more than $40 million is his Dean Foods trading.



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