Wednesday, June 1, 2016

Gambler accused of insider trading wants to fly on his private jet

Kathryn's Report:

The poor thing might have to fly first class.

Billy Walters, a professional gambler accused of providing pro golfer Phil Mickelson nonpublic info on publicly traded dairy conglomerate Dean Foods, asked two Manhattan federal judges to grant him unfettered access to his private jet as he awaits trial.

Walters, who pleaded not guilty Wednesday to insider trading charges, originally got his ritzy wish — but wound up with some travel restrictions in a separate hearing shortly thereafter.

In that hearing, Judge P. Kevin Castel decided that pretrial services, which will supervise Waltes while he’s out on bail, can determine whether to let the mega-millionaire use his own airliner.

Castel also limited Walters' travels to parts of New York and California, and required he give authorities notice before traveling to a handful of other states for business.

Lawyers for Walters, who's out on a $25 million personal recognizance bond backed by $10 million in cash or property, had argued in favor of private jet access by claiming his businesses require extensive cross-country travel.

Prosecutor Brooke E. Cucinella countered Walters — who's worth some $200 million — can easily catch commercial planes, minimizing his flight risk.

"He can fly first class," a seemingly exasperated Cucinella told Castel, explaining prosecutors are not asking for burdensome restrictions.

In May, Thomas C. Davis, Dean Foods' former chairman, pled guilty to slipping Walters secret intel in exchange for money. Mickelson agreed last month to forfeit $1 million that he allegedly got from one of Walters’ insider tips.

Original article can be found here:

No comments: