We Are Going To Have To Wait A While Longer For "I Was Just Copying Carl Icahn" To Be A Legal Precedent In Insider Trading Cases

You were ahead of your time, Billy Walters.
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When professional gambler Billy Walters was brought up on insider trading charges a while back, we were pretty amused. After all, any trial that combines Las Vegas gambling culture, pro golfer Phil Mickelson, industrial food stock pricing and Carl Icahn is worth a look.

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And we really fell in love with this case when Walters and his lawyers invented a whole new strategy for defense against insider trading charges: Claiming that you just mimicked Carl Icahn. But alas, Carl was never called to testify, the theory never got a real trotting out and now the trial is over.

Billy Walters was convicted of federal insider-trading charges in a case that could send the famed Las Vegas gambler to prison for years.
Jurors in Manhattan returned the verdict after hearing weeks of testimony that Walters earned $43 million over six years trading on tips from Tom C. Davis, the former chairman of Dean Foods Co. Davis, who was Walters’s friend, business partner and golfing pal of more than 20 years, was the government’s star witness.

But that doesn't mean we can't remember it fondly, right Bloomberg?

The case was the highest profile -- and most colorful -- insider-trading trial in years. The testimony featured golfer Phil Mickelson and billionaire investor Carl Icahn, as well as a seamy world of gambling debts, stock tips delivered on burner phones and charity money used for prostitutes.

Las Vegas Gambler Billy Walters Is Convicted in Insider-Trading Case [Bloomberg]

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