
Former president of Dean Foods Thomas Davis told a Manhattan court that is federal Tuesday that he regularly shared privileged insider information concerning the company with Vegas sports betting legend Billy Walters.
Sports Billy that is betting Walters multiple costs of wire fraudulence and securities fraud.The alleged source of insider information, his former friend, Thomas Davis, testified against him this week.
The pair would communicate via particularly designated prepaid cellphones that they called their ‘bat phones,’ Davis said.
Walters is on test accused of profiting from illegal stock market trades on Dean Foods, A dallas-based company and one of the greatest processors of milk in the US.
It’s also alleged that Walters shared insider information, obtained from Davis, with his friends, including the golfer Phil Mickelson, who is planned to be called as a witness for the defense.
Innocent Fulfilling
Davis said that the partnership had started ‘fairly innocently’ after the pair met at a California greens in the mid-nineties. He had been happy enough to own occasional stock market tip in the hope he’d acquire some sports betting advice in exchange, he said
But the nature of this relationship changed when Davis borrowed almost $1 million from Walters. After that, it ‘grew to a point where I was a conduit that is virtual for inside information, he said.
‘I became indebted to him,’ he stated. ‘He became more demanding of information.’
Davis said he offered Walter company secrets through the Bat Phone for over seven years, until 2014, including earnings information and upcoming pivotal transactions.
He gave testimony this week as part of a plea discount with federal prosecutors, after admitting charges securities that are including and wire fraud.
Walters Made $40 Million on Trades
Davis initially denied involvement as he ended up being approached by federal agents in 2014. Authorities’ suspicions was in fact aroused after it emerged Walters had made over $40 million on trades on Dean Foods over the years, including around $17 million between May 2012 and 2012 alone august.
The investigation was having on his family and himself after their visit, Davis threw his bat phone into a creek, he said, but later decided to come clean after he suffered a stroke and realized the impact.
‘I used very poor judgment and I was scared to death I wanted to cover it up,’ he said that I had made some terrible mistakes and. ‘we lied to everybody.’
Mickelson is not charged having an offense, he earned in 2012 on one of Walters’ trading tips although he did return $1 million.
Walters pleads simple and his lawyer contends Davis is lying.
Alabama Legislators Attempt to Pass Day-to-day Fantasy Sports Bill
Proponents of legalizing Daily Fantasy Sports in Alabama are hoping a number that is traditionally unlucky their fortunes.
The state legislature is debating three various bills and if one passes, it might make them the state that is 13th the US to allow its residents to engage in DFS.
Alabama has three separate bills in the legislature proposing that Daily Fantasy Sports be legalized. (Image: Associated Press)
Up until might 2016 residents were able to participate at sites such as Draft Kings and Fan Duel. Luther Strange, the attorney general turned US Senator, stated it was an activity that is illegal delivered cease and desist letters to the companies.
Whenever someone clicked on those sites they don’t see the landing page, but instead a note that said, ‘We’re sorry, but your current location forbids you from making deposits or playing on FanDuel.’
Fans straight away began to phone their state representatives and senators to protest and urged them to take action.
Age Old Argument
The debate on DFS is whether it’s skill or gambling while the conversation is lively.
Sen. Tom Whatley (R-Auburn) who is sponsoring certainly one of the bills stated knowledge is the key to success in the contests. He told AL.com that it is far different than other types of wagering.
‘To me personally, we don’t see it as the exact same type of gambling that i have been opposed to in the past for instance the casino-type of gambling,’ Whatley said. ‘It’s about the skills of picking teams that are playing once an or a couple times a week. day’
Alabama people Action Program, a business funded by churches that opposes gaming of any type, is fiercely opposed to it.
‘It’s not like league play or season-long play between friends and family,’ Executive Director Joe Godfrey said. ‘This is daily fantasy recreations. It’s a big time gambling procedure.’
Patterned After Neighbor’s Law
Associated with the three bills, HB 354 seems to have the best odds of passing. The legislation is modeled after a recently approved Mississippi law and would set up a plan that will manage the industry.
Operators would have to cover a registration fee of $85,000 when they had more than 5,000 accounts and $10,000 if not as much as that figure. The revenue tax would be six per cent and companies would need to submit annual financial audits.
Other provisions is an age limitation of 19 or older and contests could simply be on professional recreations.
Casino Smoking Bad for the Body, but No Smoking Bad for Business, Harrah’s brand New Orleans Says
Casino smoking inside Harrah’s aristocrat pokies real money New Orleans is banned since April of 2015, so that as the two-year anniversary of this regulation that is clean-air, representatives for the gambling venue are exposing just exactly how expensive the ban is.
Harrah’s New Orleans would enjoy nothing significantly more than to eliminate their no casino smoking signs, due to the fact ban is drastically harming video gaming revenue. (Image: smokefreecasinos.org)
Smoking is unquestionably bad for the physical body, but no smoking cigarettes is apparently harmful to business. That’s the story being presented by Caesars Entertainment President Mark Frissora this in Louisiana week.
Speaking during the Riverboat Economic Development and Gaming Task Force meeting on March 21, Frissora said Harrah’s New Orleans has lost nearly $70 million since the ban has been implemented.
The Caesars CEO pointed to $342 million in gaming revenue in 2014, followed by $307 million in 2015 and just $273 million in 2016 during a presentation. The annual decreases represent $35 million and $34 million for a loss that is total of69 million.
Caesars Entertainment is the parent company to Harrah’s. In addition to its New Orleans property, the company owns Horseshoe Bossier City and Harrah’s Louisiana Downs, both positioned in the northwestern part of the state.
Courtyard Video Gaming
Since 2007, all workplaces and restaurants in Louisiana were smoke-free, but the continuing state law doesn’t expand to casinos and bars. The Big Easy changed that two years ago.
Unlike the remainder of Louisiana’s land-based and riverboat video gaming venues where smoking stays appropriate, Harrah’s brand new Orleans will be forced to adhere to a town code that outlaws all smoking and vaping inside casinos. Outdoor smoking cigarettes lounges had been established for patrons, but income very nearly immediately left the building too.
Meanwhile, gaming income at casinos located outside of the city restrictions, the Boomtown brand New Orleans riverboat for example, has increased since 2015. ‘It’s not fair because everyone else around us doesn’t have the cigarette smoking ban,’ Frissora told the committee.
The city threw Harrah’s New Orleans a bone when it allowed the casino to include 63 slots in its smoker-friendly courtyard. But with losings totaling nearly $70 million in 2 years, that isn’t even one gaming machine per million dollars.
However, the designated gaming courtyard is initial of three set to open.
Lighting a Fire
Smoking and gambling go together like America and apple cake, which is the reason why Louisiana Gaming Task Force Chairman Ronnie Jones thinks the ban is working against the intent behind having legalized gambling in New Orleans.
Harrah’s brand New Orleans has directed more than $1.2 billion in gaming taxes towards the continuing state since it started in 1999. It’s also paid $300 million in rent payments to the populous city, and raised over $8 million for Hurricane Katrina relief.
By all records, Harrah’s has become a partner that is strong New Orleans.
Harrah’s forecasts 2017 video gaming earnings will come in at $270 million, a cry that is far the $342 million it collected in 2014. ‘ I’m perhaps not a scientist, but i do believe the smoking ban had an effect,’ Jones explained.
While supporters of the clean-air code say the fitness of Harrah’s employees is a lot more critical than the casino’s bottom line, Frissora explained he just wishes a level playing field that is regulatory.
North Korea Casino Cruise Liner Invites Foreign Investors to Come Aboard
A North Korea casino ship is wanting to set sail through the Mount Kumgang tourist region to Southern Korea along with other Asian nations. The Kumgang Special International Tourism Zone is a unique area of the reclusive totalitarian country that is charged with raising tens of vast amounts for Kim Jong Un’s government.
Visitors permitted to enter the country’s Mount Kumgang tourist region already arrive via ships, but now the isolated regime wants foreigners to buy North Korea casino cruise line. (Image: Carlos Barria/Reuters)
Tourism and access that is outsider North Korea is greatly limited, but each 12 months a limited number of visitors are permitted under close supervision. Mount Kumgang is one area that is such can travel, and now the country is trying to debut a casino cruise to the destination.
But in order to do this, North Korea is attracting international investors in trying to raise $20 million for the project.
The country explains, ‘We are trying to diversify international tourism at the world-renowned Mount Kumgang in a proposal to potential investors in shoddy English. Using the cruiseship, we will diversify tourism that is international of Kumgang, that is famous mountain of world.’
‘The passenger ship is built with various facilities to allow 1,000 travelers doing social and travel that is safe the sea,’ the notice hypes.
Don’t expect billionaires Steve Wynn or Sheldon Adelson in the future running.
‘we strongly doubt there will be foreign investors who are prepared to invest cash in North Korea,’ Lim Eul-chul, a teacher at South Korea’s Kyungnam University, told London’s Financial instances.
North Behind NY Fed Heist?
According to sources talking to the Wall Street Journal, the usa believes North Korea was behind the successful $81 million cyber bank heist from the Federal Reserve Bank of New York last year. The funds were swindled through the Bangladesh account, with some for the ill-gotten money being laundered through at minimum two casinos in the Philippines.
While the US remains under the impression that Chinese operatives carried out the hacking, the WSJ says federal authorities have reason to credit the theft to North Korea.
On 5, 2016, hackers scheduled transfers totaling nearly $1 billion from the Bangladesh Central Bank for ‘international settlements’ set to be deposited into various accounts around the world february. After $81 million was successfully withdrawn, a spelling error caught the eye of Deutsche Bank and prompted the financial institution to ensure the transaction with Bangladesh officials.
In place of ‘Shalika Foundation,’ the recipient ended up being spelled ‘Shalika Fandation.’
Headed Towards War?
The eyes of world leaders are fixated on North Korea, as the country is reportedly near to introducing another nuclear test. Final month, Jong Un’s military conducted its very first missiles that are ballistic since President Donald Trump took office.
US Secretary of State Rex Tillerson has said the Obama administration’s ‘wait-and-see’ approach is over in regards to North Korea. Jong Un has made no key about his wishes to obtain or build a weapon that is nuclear of reaching the United States.
White House Press Secretary Sean Spicer said this that the situation is ‘grave and escalating. week’ Yet another reason why few foreigners aren’t likely to be too keen on going in on a casino cruise liner in North Korea.