Billy Walters Received Insider Information Via ‘Bat Phone,’ Jury Hears

Former chairman of Dean Foods Thomas Davis told a Manhattan court that is federal Tuesday that he regularly shared privileged insider information concerning the company with Vegas sports betting legend Billy Walters.

Sports betting Billy Walters faces multiple charges of wire fraudulence and securities fraud.The alleged source of insider information, his former friend, Thomas Davis, testified against him this week.

The pair would communicate via particularly designated prepaid cellphones which they called their ‘bat phones,’ Davis said.

Walters is on trial accused of profiting from illegal stock market trades on Dean Foods, A dallas-based company and one of the biggest processors of milk in the usa.

It’s also alleged that Walters shared insider information, obtained from Davis, with their friends, including the golfer Phil Mickelson, who is planned to be called as a witness for the defense.

Innocent Meeting

Davis said that the partnership had started ‘fairly innocently’ after the pair met at a California course in the mid-nineties. He was happy enough to own stock that is occasional tip within the hope he’d acquire some sports betting advice in return, he said

But the nature of this relationship changed whenever Davis borrowed almost $1 million from Walters. After that, it ‘grew to a point where we was a conduit that is virtual for inside information, he said.

‘I became indebted to him,’ he stated. ‘He became more demanding of information.’

Davis said he offered Walter company secrets through the Bat Phone for over seven years, until 2014, including earnings information and upcoming transactions that are pivotal.

He gave testimony this week as component of a plea discount with federal prosecutors, after admitting charges securities that are including and wire fraud.

Walters Made $40 Million on Trades

Davis initially denied involvement as he was approached by federal agents in 2014. Authorities’ suspicions was indeed aroused after it emerged Walters had made over $40 million on trades on Dean Foods through the years, including around $17 million between May 2012 and 2012 alone august.

The investigation was having on his family and himself after their visit, Davis threw his bat phone into a creek, he said, but later decided to come clean after he suffered a stroke and realized the impact.

‘I utilized inadequate judgment and I was scared to death I wanted to cover it up,’ he said that I had made some terrible mistakes and. ‘I lied to everybody.’

Mickelson has not been charged with an offense, although he did return $1 million he attained in 2012 using one of Walters’ trading guidelines.

Walters pleads simple and his lawyer contends Davis is lying.

Alabama Legislators Attempt to pass through Constant Fantasy Sports Bill

Proponents of legalizing Daily Fantasy Sports in Alabama are hoping a number that is traditionally unlucky their fortunes.

Their state legislature is debating three various bills and if one passes, it would make them the state that is 13th the US to enable its residents to take part in DFS.

Alabama has three separate bills in the legislature proposing that Daily Fantasy Sports be legalized. (Image: Associated Press)

Up until might 2016 residents were able to participate at sites such as Draft Kings and Fan Duel. Luther Strange, the attorney general turned US Senator, stated it was a illegal activity and delivered stop and desist letters towards the businesses.

When someone clicked on web sites they didn’t see the landing page, but instead a note having said that, ‘We’re sorry, but your location that is current prohibits from making deposits or playing on FanDuel.’

Fans immediately started initially to phone their state representatives and senators to protest and urged them to do this.

Age Old Argument

The debate on DFS is whether it’s gambling or skill additionally the conversation is lively.

Sen. Tom Whatley (R-Auburn) whom is sponsoring certainly one of the bills stated knowledge is key to success in the competitions. He told AL.com that it is far unique of other types of wagering.

‘To me, I don’t notice it as the exact same type of gambling that i am opposed to in the last including the casino-type of gambling,’ Whatley said. ‘It’s about the skills of picking teams that are playing once a day or a couple times per week.’

Alabama Citizens Action Program, an organization funded by churches that opposes gaming of any type, is fiercely in opposition to it.

‘It’s not like league play or play that is season-long friends and family,’ Executive Director Joe Godfrey said. ‘This is daily fantasy activities. It’s a big time gambling operation.’

Patterned After Neighbor’s Law

Associated with the three bills, HB 354 seems to have the most readily useful odds of passing. The legislation is modeled after a recently approved Mississippi law and would set up a plan that will control the industry.

Operators would have to pay for a registration fee of $85,000 when they had significantly more than 5,000 accounts and $10,000 if less than that figure. The revenue tax is six percent and companies will have to submit annual financial audits.

Other provisions would be an age restriction of 19 or older and contests could only be on professional recreations.

Casino Smoking Bad for the Body, but No Smoking Bad for Business, Harrah’s brand New Orleans Says

Casino smoking inside Harrah’s New Orleans was banned since April of 2015, so when the two-year anniversary regarding the regulation that is clean-air, representatives for the gambling venue are exposing just exactly how high priced the ban happens to be.

Harrah’s New Orleans would enjoy absolutely nothing significantly more than to eliminate their no casino smoking signs, once the ban is drastically hurting video gaming revenue. (Image: smokefreecasinos.org)

Smoking is unquestionably bad for the physical body, but no cigarette smoking is apparently harmful to company. That’s the story being presented by Caesars Entertainment President Mark Frissora this week in Louisiana.

Speaking during the Riverboat Economic Development and Gaming Task Force meeting on March 21, Frissora said Harrah’s New Orleans has lost almost $70 million since the ban has been implemented.

During a presentation, the Caesars CEO pointed to $342 million in gaming revenue in 2014, accompanied by $307 million in 2015 and simply $273 million in 2016. The annual declines represent $35 million and $34 million for a total loss of $69 million.

Caesars Entertainment is the moms and dad company to Harrah’s. In addition to its New Orleans property, the business owns Horseshoe Bossier City and Harrah’s Louisiana Downs, both situated in the northwestern an element of the state.

Courtyard Gaming

Since 2007, all workplaces and restaurants in Louisiana have now been smoke-free, however the continuing state legislation doesn’t expand to casinos and bars. The Big Easy changed that two years ago.

All smoking and vaping inside casinos unlike the rest of Louisiana’s land-based and riverboat gaming venues where smoking remains legal, Harrah’s New Orleans is being forced to adhere to a city code that outlaws. Outdoor smoking lounges were founded for patrons, but income nearly immediately left the building too.

Meanwhile, video gaming income at casinos located outside of the city limitations, the Boomtown brand New Orleans riverboat for example, has increased since 2015. ‘It’s not fair because everyone else around us doesn’t have the smoking ban,’ Frissora told the committee.

The town threw Harrah’s New Orleans a bone when it allowed the casino to include 63 slot machines in its smoker-friendly courtyard. But with losings totaling nearly $70 million in 2 years, that is not even one video gaming machine per million dollars.

However, the designated gaming courtyard is only the initial of three set to open.

Lighting a Fire

Smoking and gambling go together like America and apple cake, and that’s why Louisiana Gaming Task Force Chairman Ronnie Jones believes the ban is working against the reason for having legalized gambling in New Orleans.

Harrah’s brand New Orleans has directed more than $1.2 billion in gaming taxes to your continuing state because it launched in 1999. It’s also paid $300 million in lease payments to the city, and raised over $8 million for Hurricane Katrina relief.

By all accounts, Harrah’s has been a strong partner to New Orleans.

Harrah’s forecasts 2017 video gaming earnings aristocrat pokies free games comes in at $270 million, a cry that is far the $342 million it collected in 2014. ‘ I’m perhaps not a scientist, but i do believe the smoking ban had an impact,’ Jones explained.

While supporters of the clean-air code say the fitness of Harrah’s employees is more critical than the casino’s bottom line, Frissora explained he merely wants a level regulatory playing industry.

North Korea Casino Cruise Liner Invites Foreign Investors to Come Aboard

A North Korea casino ship is trying to set sail through the Mount Kumgang tourist region to South Korea along with other Asian nations. The Kumgang Special International Tourism Zone is really a unique part of the reclusive totalitarian country that is charged with raising tens of vast amounts for Kim Jong Un’s government.

Site Visitors permitted to enter the country’s Mount Kumgang tourist region already arrive via ships, but now the isolated regime wants foreigners to buy North Korea casino cruise line. (Image: Carlos Barria/Reuters)

Tourism and outsider access to North Korea is heavily limited, but each 12 months a limited number of visitors are permitted under close supervision. Mount Kumgang is one such area foreigners can travel, and now the country is looking to debut a casino cruise to the location.

But so that you can do this, North Korea is appealing to investors that are foreign trying to raise $20 million for the project.

In a proposition to prospective investors in shoddy English, the nation explains, ‘Our company is trying to diversify international tourism at the world-renowned Mount Kumgang. Using the cruise ship, we will diversify tourism that is international of Kumgang, which will be famous hill of world.’

‘The passenger ship will be loaded with various facilities to allow 1,000 tourists doing social and safe travel in the sea,’ the notice hypes.

Do not expect billionaires Steve Wynn or Sheldon Adelson in the future running.

‘I strongly question there is foreign investors whom are willing to spend money in North Korea,’ Lim Eul-chul, a professor at South Korea’s Kyungnam University, told London’s Financial instances.

North Behind NY Fed Heist?

According to sources talking to the Wall Street Journal, the United States believes North Korea was behind the successful $81 million cyber bank heist through the Federal Reserve Bank of the latest York last year. The funds had been swindled from the Bangladesh account, with some of the money that is ill-gotten laundered through at least two gambling enterprises into the Philippines.

The WSJ says federal authorities have reason to credit the theft to North Korea while the US remains under the impression that Chinese operatives carried out the hacking.

On February 5, 2016, hackers scheduled transfers totaling almost $1 billion through the Bangladesh Central Bank for ‘international settlements’ set to be deposited into various records throughout the world. After $81 million was successfully withdrawn, a spelling error caught the attention of Deutsche Bank and prompted the monetary institution to confirm the transaction with Bangladesh officials.

Instead of ‘Shalika Foundation,’ the recipient ended up being spelled ‘Shalika Fandation.’

Headed Towards War?

The eyes of world leaders are fixated on North Korea, as the country is reportedly near to launching another nuclear test. Last month, Jong Un’s military conducted its first missiles that are ballistic since President Donald Trump took office.

US Secretary of State Rex Tillerson has said the Obama management’s ‘wait-and-see’ approach is over in regards to North Korea. Jong Un has made no key about his wishes to obtain or build a weapon that is nuclear of reaching the United States.

White House Press Secretary Sean Spicer said this that the situation is ‘grave and escalating. week’ Yet another reason why foreigners that are fewn’t expected to be too keen on moving in on a casino cruise ship in North Korea.