Billy Walters Trial Celebrity Witness Embezzled from Battered Women’s Charity to finance Gambling, Hookers

Billy Walters Trial Celebrity Witness Embezzled from Battered Women’s Charity to finance Gambling, Hookers

Gambling, soliciting prostitutes, ripping down a ladies’ charity and leaking painful and sensitive company information, it’s all just a later date in the office, apparently, for the former chairman of America’s milk-processing companies that are biggest.

William ‘Billy’ Walters leaves a Manhattan federal court. He is alleged to possess made $43 million in unlawful stock trades on Dallas-based Dean Foods. He is pleading not liable.

Tom Davis, the previous president 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, making use of privileged information allegedly furnished by Walters.

As the celebrity witness for the prosecution, Davis was asked by United States Assistant Attorney Brooke Cucinella to disclose any unsavory information regarding his history which could later surface within the course for the test. This is standard practice, as it’s preferable that such information is presented to the court up front rather than being wheedled from the witness later on by a defense attorney.

And, child, 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’ request for information became ‘more demanding.’

On Wednesday Davis explained that even after borrowing the cash, his failed investments that are numerous gambling practices forced him to embezzle $100,000 from the golf charity for battered women. Davis eventually paid the funds back, but later took another $50,000 which he used on ‘gambling and hookers.’

Davis stated 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 would be to help refinance a bank in Dallas.

Davis Lying, Says Walters Attorney

‘I made a really bad decision at that period of amount of time in my life,’ admitted Davis, in what Bloomberg described this week as ‘his gravelly Texas drawl.’

‘I’d developed a friendship that is strong Mr. Walters,’ Davis said. ‘I knew who Billy Walters was… he was a fairly famous gambler. He had lot of connections in Las Vegas. He was a big activities gambler. We was frankly enamored with him.’

Barry Berke, Walters’ attorney called Davis ‘a liar’ who ‘wrongfully implicated Walters only after he got caught stealing from the charity and cheating on his taxes.’

‘Our company is going to show through incontrovertible evidence which he’s lying about every single allegation of his entire story,’ Berke said.

Davis is testifying against their former friend as part of a plea bargain with federal prosecutors after admitting fees including securities fraud and cable fraud.

Michigan Online Gambling Supporters ‘Cautiously Optimistic’

Michigan online gambling advocates say they’re encouraged by the recent support that is been generated for the internet casino bill that is latest introduced in Lansing.

State Sen. Mike Kowall is again cheerful about his Michigan online gambling bill’s opportunities, 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 could be permitted to have online gaming licenses to offer interactive poker rooms and gambling that is internet.

It’s not the time that is first has tried to push through a bill that would end online gambling prohibition into the Wolverine State. But this time around, there seems to be more support.

Talking with WZZM 13, the ABC affiliate in Grand Rapids, Kowall said he’s ‘cautiously optimistic’ on SB 203. ‘The number 1 problem is to make sure online gaming is safe while bringing in certain income in to the state during the exact same time,’ he explained.

Tribes Opposed

Land-based gambling in Michigan is presently reserved to Native American groups which can be allowed to supply games of opportunity on their reservations that are sovereign. The exception is Detroit, where in actuality the authorization of three commercial gambling venues had been approved within a voter referendum in 1996.

Three years later, the 3 casinos in Motor City launched for company. Indigenous American teams were none too happy during the time, as well as the potential expansion of online gambling is now seen by Indian leaders as more legislation that fails to respect tribal sovereignty.

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 notice that Indian tribes are already authorized to conduct on reservations internet gaming under both the Indian Gaming Regulatory Act and the Unlawful Internet Gambling Enforcement Act, the legislation would curtail these lawful aspects of Indian tribal gaming.’

Where There Is Cash, There’s Help

The tribe’s opposition is a result of their belief if they decided to move forward with online gambling that they would be unfairly tariffed. Both indigenous American groups say if they want to offer interactive video gaming to individuals on their sovereign lands, there’s no barrier presently preventing them from doing so.

But if passed and signed into legislation, Kowall’s bill would need perhaps not just the operators that are commercial Detroit, but also the tribes, to pay $100,000 per year should they wish to launch online gambling. Ten percent of their revenues that are gross be directed towards the state’s coffers.

Michigan, like so many governments around the nation, continues to find brand new revenue streams as tax payments remain at lower amounts than before the Great Recession hit in 2008.

It’s difficult to pinpoint just how much the Michigan online gambling bill might enjoy for the state, as it’s unclear how many gambling enterprises and tribes would bite. However, some forecasts demand up to $30 million a 12 months once the market reaches maturity.

Amaya Reports Record Revenue in Q4 But Profits Fall Slightly Short

PokerStars parent Amaya has reported record revenues 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 up to a controversial but successful policy of rebalancing PokerStars’ ‘ecology’ as well as better-than-expected activities book and casino results. (Image: Amaya)

The company that is canadian, year-over-year, revenues rose 5.9 per cent in Q4, to $310 million, and 7.8 percent for the whole of 2016, to $1.15 billion.

Nevertheless, profit in the quarter that is fourth 53 cents a share, which missed the typical projection of 56 cents.

PokerStars’ changes to its ecosystem, initiated in belated 2015, triggered sit-out protests by some players at that time, mainly its volume that is high stakes players, have been, by definition, its best customers.

Rebalancing the Poker Ecosystem

But Amaya wanted to tip the scales in support of recreational players, or net depositors, who was simply scared away in recent years by a skill that is widening as well as the increasing use of poker tracking computer software by multi-tabling, net-withdrawing professionals.

It tweaked its player rewards scheme and introduced a bunch of recreational-friendly ‘jackpot’ style games, that have been created to amount the playing field by increasing the luck factor. To the horror of pros, it seems to have worked.

Even so, Amaya is wary of relying completely on poker while the appetite for the overall game continues to wane globally.

‘[Changes to poker] and customer acquisition initiatives continue to reverse certain negative trends and we are starting to see natural growth in that company, our casino providing exceeded expectations as we introduced limited marketing campaigns and centered on our cross-sell efforts, and we continued to create and develop our sportsbook,’ said Rafi Ashkenazi, Amaya CEO.

Product Diversification

Poker accounted for 70 percent of revenue in Q4 compared with 78 percent in the quarter that is previous while the share of online casino and sports book rose to 25.8 per cent from 17.2 %, correspondingly.

Last year had been a turbulent one for Amaya. It saw its founder and shareholder that is major David Baazov, resign as chairman and CEO, in the face of serious insider trading charges, while a proposed merger with William Hill ended up being derailed by way of a William Hill shareholder revolt.

Nevertheless, Amaya is reducing the debt it accumulated in its $4.9 billion takeover of PokerStars, which means increased revenues will soon begin to translate into bigger profits.

‘ The performance that is strong of business has aided us to reduce our currency risk, lower our interest cost, and accelerate the payment of the remaining amounts owed on our deferred payment responsibility, all of which will let us 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 Not Good

Supporters of casino gaming in Georgia have actually new, albeit slim, hope. Their state’s Destination Resort Bill, which died in the Senate final thirty days, has resurfaced in the House with a few tweaks and a sponsor that is new.

State Representative Ron Stephens hopes to breathe life that is new the push to bring casino video gaming to Georgia. (Image:

Representative Ron Stephens (R -Savannah) presented an updated form of the bill to the House Regulated Industries Committee on Thursday. He hopes that by proposing four licenses instead of two, the legislation will gain more support that is statewide permitting more communities to profit.

Double the Fun

The previous bill proposed a casino for the Metro Atlanta area and another for a smaller city, such as Savannah or Columbus, thus alienating most of the state from involvement.

‘[With the bill] that is previous we’ve eliminated the ability for certain places around the state to even be part of the game, in the event that you will. No pun meant,’ Stephens told committee members.

‘We actually searching for for the investment that is high-end tourism,’ he included.

There was an awareness that when Atlanta is to compete nationally in the convention company it requires a far more compelling entertainment offering in the downtown area. a recent survey revealed that 22 percent of Atlanta convention site visitors stated they would not return to the city because of not enough night entertainment.

Under the terms associated with bill, the Atlanta resort would need a good investment of at least $2 billion from a successful bidder, with all the 2nd biggest casino requiring at least $450 million. Two smaller, ‘tertiary’ properties would additionally be permitted with a minimum investment of $150 million each.

Dissenting Voices

But to opponents of casino gaming, the doubling of licenses will simply make the proposal doubly unappealing, and there are numerous dissenting sounds in the state, particularity from church groups.

‘Casinos really are a loss that is net the state,’ claimed Dave Baker, executive director of the Faith and Freedom Coalition of Georgia. ‘ They bring addiction, bankruptcy and crime. That includes human trafficking. And we work to fight numerous of these things in a lot of other bills to bring gambling enterprises to hawaii is just moving completely in the incorrect direction.’

The version that is previous of bill, sponsored by Senator Brandon Reach, failed also making it out of a Senate committee, following a committee hearing on the bill ended up being canceled due to lack of interest. Its reemergence in the home shows that its sponsors at least believes it has a better chance there.

Stephens, certainly, is optimistic, although he concedes it will take some political maneuvering to make it work.

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