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U.S. Gambler Walters Loses Bid To Stay Free During Insider Trading Appeal
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12 Sep 2017 07:03 PM EST

Reuters has reported that a federal appeals court on Tuesday rejected a bid by famed Las Vegas sports gambler William “Billy” Walters on Tuesday to remain free while he appeals his conviction and five-year prison sentence for insider trading. The U.S. Court of Appeals for the 2nd Circuit in Manhattan denied Walters’ motion to remain free on bail during his appeal only hours after hearing arguments. Walters has been ordered by U.S. District Judge Kevin Castel to surrender on October 10th. Walters was accused of making more than $43 million in profits and avoided losses from 2008 to 2014, mostly from stock tips from Davis about Dean Foods. Walters was convicted in April of securities fraud, wire fraud and conspiracy following a four-week trial.

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