Billy Walters Trial Star Witness Embezzled from Battered Ladies’ Charity to invest in Gambling, Hookers

Gambling, soliciting prostitutes, ripping down a women’s charity and leaking painful and sensitive company information, it’s all just another day at the office, apparently, for the former chairman of America’s biggest milk-processing companies.
William ‘Billy’ Walters leaves a Manhattan federal court. He is alleged to have made $43 million in illegal stock trades on Dallas-based Dean Foods. He is pleading not guilty.
Tom Davis, the previous chairman of Dean Foods, of Dallas, continued his testimony in the test of his one-time buddy, the gambler that is legendary Walters, on Wednesday. Walters is accused of making $43 million from illegal trades on Dean Foods’ stock, using information that is privileged given by Walters.
Once the celebrity witness for the prosecution, Davis was asked by US Assistant Attorney Brooke Cucinella to disclose any unsavory facts about his back ground that could later surface on the course of this test. This is standard practice, as it’s better that such info is presented to the court in advance instead of being wheedled out from the witness later on by a protection attorney.
And, boy, did Davis deliver!
$200,000 On One Hand of Blackjack
The court had heard the previous day how the nature of Davis’ relationship with Walters changed after the latter loaned him around $1 million. After Davis became indebted to him, Walters’ ask for information became ‘more demanding.’
On Wednesday Davis explained that also after borrowing the cash, their failed investments that are numerous gambling practices forced him to embezzle $100,000 from a tennis charity for battered women. Davis eventually paid the money back, but later took another $50,000 which he spent on ‘gambling and hookers.’
Davis said that he initially received $625,000 from Walters but he blew it quickly, losing $200,000 alone on one hand of blackjack in 2011 at the Cosmopolitan in Las Vegas. He then asked Walters for the next loan of $400,000 which he said was to help refinance a bank in Dallas.
Davis Lying, Claims Walters Attorney
‘I made an extremely bad decision at that amount of time in my life,’ admitted Davis, in what Bloomberg described this week as ‘his gravelly Texas drawl.’
‘I’d developed a strong friendship with Mr. Walters,’ Davis stated. ‘I knew who Billy Walters was… he had been a fairly famous gambler. He had lot of connections in nevada. He was a sports that are big. I was frankly enamored with him.’
Barry Berke, Walters’ attorney called Davis ‘a liar’ who ‘wrongfully implicated Walters just after he got caught stealing from the charity and cheating on his taxes.’
‘We are going to prove through incontrovertible proof that he’s lying about every allegation that is single of whole tale,’ Berke said.
Davis is testifying against their friend that is former as of a plea bargain with federal prosecutors after admitting charges including securities fraud and wire fraud.
Michigan Online Gambling Supporters ‘Cautiously Optimistic’
Michigan online gambling advocates say they’re encouraged by the recent help that is been generated for the latest internet casino bill introduced in Lansing.
State Sen. Mike Kowall is again cheerful about their Michigan online gambling bill’s chances, but Native American groups are opposed. (Image: MI Senate GOP)
State Senate Majority Leader Mike Kowall (R-District 15) introduced SB 203 earlier this month. If the legislation becomes law, commercial casinos and federally recognized tribes would be permitted to have online gaming licenses to offer interactive poker rooms and internet gambling.
It’s perhaps not the first time Kowall has tried to push through a bill that would end online gambling prohibition within the Wolverine State. But this right time around, there is apparently more support.
Talking with WZZM 13, the ABC affiliate in Grand Rapids, Kowall stated he’s ‘cautiously optimistic’ on SB 203. ‘The number 1 issue is to be sure online gaming is safe while bringing in certain income into the state during the same time,’ he explained.
Tribes Opposed
Land-based gambling in Michigan is presently reserved to Native American groups being allowed to supply games of opportunity on their sovereign reservations. The exception is Detroit, where in actuality the authorization of three gambling that is commercial ended up being approved within a voter referendum in 1996.
Three years later on, the three casinos in Motor City exposed for business. Native American groups were none too happy at the time, and the potential expansion of online gambling is now seen by Indian leaders as more legislation that fails to respect sovereignty that is tribal.
The tribes tell the Michigan Senate Regulatory Committee that they are allowed under federal law to commence internet gambling in a joint letter from the Nottawaseppi Huron Band of the Potawatomi and Saginaw Chippewa Indians.
‘ The legislation requires unwarranted and unconditional waivers of sovereign immunity,’ the letter states. ‘By failing woefully to recognize that Indian tribes are already authorized to conduct on reservations internet gaming under both the Indian Gaming Regulatory Act and the illegal Internet Gambling Enforcement Act, the legislation would curtail these lawful areas of Indian tribal gaming.’
Where There Is Money, There’s Support
The tribe’s opposition is a result of their belief which they would be unfairly tariffed when they decided to maneuver ahead with on the web gambling. Both indigenous American groups say from doing so if they want to offer interactive gaming to persons on their sovereign lands, there’s no barrier currently preventing them.
But if passed and finalized into law, Kowall’s bill would need perhaps not just the commercial operators in Detroit, but also the tribes, to pay $100,000 per year should they wish to launch on line gambling. Ten per cent of these gross revenues would be directed to the state’s coffers.
Michigan, like so many governments around the nation, continues to find brand new income channels as tax re payments remain at lower amounts than before the Great Recession hit in 2008.
It’s difficult to identify simply how much the Michigan online gambling bill might enjoy for hawaii, as it’s unclear how many gambling enterprises and tribes would bite. However, some forecasts necessitate just as much as $30 million a 12 months once industry reaches maturity.
Amaya Reports Record Revenue in Q4 But Profits Fall Slightly Short
PokerStars parent Amaya has reported record profits in Q4 and across 2016, citing ‘proactive modifications’ to the internet poker ecosystem, along with better-than-expected growth of its casino operations.
Amaya CEO Rafi Ashkenazi said that record profits were down to a controversial but successful policy of rebalancing PokerStars’ ‘ecology’ as well as better-than-expected sports book and casino results. (Image: Amaya)
The Canadian company said, year-over-year, revenues rose 5.9 % in Q4, to $310 million, and 7.8 percent for your of 2016, to $1.15 billion.
Nonetheless, profit in the fourth quarter was 53 cents a share, which missed the common projection of 56 cents.
PokerStars’ changes to its ecosystem, initiated in late 2015, triggered sit-out protests by some players at that time, mainly its volume that is high stakes players, who were, by definition, its best customers.
Rebalancing the Poker Ecosystem
But Amaya wanted to tip the scales in support of leisure players, or net depositors, who had been scared away in recent years by a widening ability gap and the increasing usage of poker tracking computer software by multi-tabling, net-withdrawing advantages.
It tweaked its player rewards scheme and introduced a bunch of recreational-friendly ‘jackpot’ style games, which were designed to amount the playing industry by increasing the luck factor. To the horror of pros, it seems to have worked.
However, Amaya is wary of relying entirely on poker while the appetite for the game continues to wane globally.
‘[Changes to poker] and customer acquisition initiatives carry on to reverse certain negative trends so we are beginning to see natural growth in that business, our casino offering exceeded expectations we continued to build and develop our sportsbook,’ said Rafi Ashkenazi, Amaya CEO as we introduced limited marketing campaigns and focused on our cross-sell efforts, and.
Product Diversification
Poker accounted for 70 % of revenue in Q4 compared with 78 per cent in the quarter that is previous while the share of on-line casino and sports book rose to 25.8 percent from 17.2 %, respectively.
Last was a turbulent one for Amaya year. It saw its founder and major shareholder, David Baazov, resign as chairman and CEO, in the face of severe insider trading fees, while a proposed merger with William Hill was derailed by way of a William Hill shareholder revolt.
Nevertheless, Amaya is reducing your debt it accumulated in its $4.9 billion takeover of PokerStars, which means increased revenues will begin to translate soon into bigger earnings.
‘ The strong performance of our company has assisted us to reduce our currency risk, lower our interest cost, and accelerate the payment of the residual amounts owed on our deferred re payment responsibility, all of which will allow us to continue pursuing our four strategic priorities,’ said Ashkenazi. ‘We be prepared to continue our 2016 momentum and execute on our strategy in 2017.’
Georgia Casino Bill Resuscitated But Prognosis Perhaps Not Good
Supporters of casino video gaming in Georgia have new, albeit slim, hope. Hawaii’s Destination Resort Bill, which died in the Senate last thirty days, has resurfaced in the home with a few tweaks and a new sponsor.
State Representative Ron Stephens hopes to breathe life that is new the push to bring casino video gaming to Georgia. (Image: yogonet.com)
Representative Ron Stephens (R -Savannah) presented an updated form of the bill to your House Regulated Industries Committee on Thursday. He hopes that by proposing four licenses in the place of two, the legislation will gain more statewide support by allowing more communities to benefit.
Double the Fun
The bill that is previous a casino for the Metro Atlanta area and another for a smaller city, such as for example Savannah or Columbus, thus alienating nearly all of the state from participation.
‘[With the previous bill], we’ve eradicated the ability for many places around the state to even be an element of the game, if you will. No pun intended,’ Stephens told committee people.
‘We actually are searching for a investment that is high-end tourism,’ he included.
There was an awareness that when Atlanta is to compete nationally in the convention company it needs an even more compelling entertainment offering in the downtown area. a recent survey revealed that 22 percent of Atlanta convention site visitors said they would not keep coming back to the town because of not enough night activity.
Under the terms regarding the bill, the Atlanta resort would need an investment of at minimum $2 billion from the effective bidder, because 24 pokies aristocrat of the 2nd casino that is largest needing at the very least $450 million. Two smaller, ‘tertiary’ properties would also be permitted with an investment that is minimum of150 million each.
Dissenting Sounds
But to opponents of casino gaming, the doubling of licenses will simply make the proposal doubly unappealing, and there are numerous dissenting voices in the state, particularity from church groups.
‘Casinos certainly are a web loss for the state,’ claimed Dave Baker, executive director of this Faith and Freedom Coalition of Georgia. ‘ They bring addiction, bankruptcy and crime. That includes human trafficking. And we work to fight many of these things in a lot of other bills to bring casinos to the state is just going completely in the incorrect direction.’
The previous version associated with bill, sponsored by Senator Brandon Reach, failed even to make it out of a Senate committee, after a committee hearing on the bill was canceled due to not enough interest. Its reemergence into the homely house implies that its sponsors at least believes this has a better chance there.
Stephens, certainly, is optimistic, it will take some political maneuvering to make it work although he concedes.
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