Former chairman of Dean Foods Thomas Davis told a Manhattan court that is federal Tuesday which he regularly shared privileged insider information in regards to the company with Las Vegas sports betting legend Billy Walters.
Sports Billy that is betting Walters multiple fees 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 specially communicate via designated prepaid cellphones that they called their ‘bat phones,’ Davis said.
Walters is on trial accused of profiting from illegal stock market trades on Dean Foods, a company that is dallas-based one of the largest processors of milk in america.
It is also alleged that Walters shared insider information, obtained from Davis, with their friends, including the golfer Phil Mickelson, who is planned to be called as a witness for the defense.
Davis said that the connection had started ‘fairly innocently’ after the pair met at a California golf course in the mid-nineties. He had been happy sufficient to own occasional stock market tip into the hope he’d get some sports betting advice in exchange, he said
Nevertheless the nature regarding the relationship changed when Davis borrowed almost $1 million from Walters. After that, it ‘grew to a place where we had been a conduit that is virtual for inside information, he said.
‘I became indebted to him,’ he said. ‘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 transactions that are pivotal.
He gave testimony this week as component of a plea discount with federal prosecutors, after admitting charges including securities fraud and wire fraud.
Walters Made $40 Million on Trades
Davis initially denied involvement when he was approached by federal agents in 2014. Authorities’ suspicions have been 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 August 2012 alone.
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 utilized very poor judgment and I also was scared to death that I had made some terrible errors and we wanted to pay for it up,’ he said. ‘I lied to everybody.’
Mickelson is not charged with an offense, although he did return $1 million he earned in 2012 on a single of Walters’ trading recommendations.
Walters pleads not guilty and their lawyer contends Davis is lying.
Alabama Legislators Attempt to Pass Daily Fantasy Sports Bill
Proponents of legalizing Daily Fantasy Sports in Alabama are hoping a number that is traditionally unlucky their fortunes.
Their state legislature is debating three various bills and if one passes, it could make them the state that is 13th the US to allow its citizens to take part 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 engage at sites such as Draft Kings and Fan Duel. Luther Strange, the attorney general turned US Senator, stated it was a illegal task and delivered stop and desist letters to the businesses.
Whenever someone clicked on those sites they did not see the landing page, but instead an email having said that, ‘We’re sorry, but your location that is current prohibits from making deposits or playing on FanDuel.’
Fans immediately started 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 additionally the discussion was lively.
Sen. Tom Whatley (R-Auburn) whom is sponsoring certainly one of the bills said 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, we don’t view it as the exact same type of gambling that i am opposed to in the last for instance the casino-type of gambling,’ Whatley said. ‘It’s about the abilities of picking teams that are playing once a day or a couple of times a week.’
Alabama Citizens Action Program, a company funded by churches that opposes video gaming of any kind, 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 really a big time gambling operation.’
Patterned After Neighbor’s Legislation
Of the three bills, HB 354 generally seems to have the most readily useful odds of passing. The legislation is modeled after a recently approved Mississippi law and would set up a plan that will regulate the industry.
Operators would have to pay for a registration fee of $85,000 when they had over 5,000 accounts and $10,000 if lower than that figure. The revenue tax would be six % and companies will have to submit annual audits that is financial.
Other provisions will be an age limitation of 19 or older and contests could only be on professional sports.
Casino Smoking Bad for the physical Body, but No Smoking Bad for company, Harrah’s New Orleans Says
Casino smoking inside Harrah’s New Orleans has been banned since April of 2015, and also as the two-year anniversary for the clean-air regulation approaches, representatives for the gambling venue are revealing just how costly the ban happens to be.
Harrah’s New Orleans would enjoy absolutely nothing significantly more than to eliminate their no casino smoking signs, as the ban is drastically harming video gaming revenue. (Image: smokefreecasinos.org)
Smoking is unquestionably bad for the body, but no cigarette smoking is apparently detrimental to company. That’s the tale being presented by Caesars Entertainment President Mark Frissora this week in Louisiana.
Speaking at 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.
During a presentation, the Caesars CEO pointed to $342 million in gaming revenue in 2014, followed closely by $307 million in 2015 and just $273 million in 2016. The annual decreases represent $35 million and $34 million for a total loss of $69 million.
Caesars Entertainment is the moms and dad company to Harrah’s. The company owns Horseshoe Bossier City and Harrah’s Louisiana Downs, both located in the northwestern part of the state in addition to its New Orleans property.
Courtyard Video Gaming
Since 2007, all workplaces and restaurants in Louisiana are smoke-free, however the state law doesn’t expand to casinos and bars. The Big Easy changed that two years back.
Unlike the remainder of Louisiana’s land-based and riverboat gaming venues where smoking continues to be legal, Harrah’s brand new Orleans is being forced to adhere to a city code that outlaws all smoking and vaping inside casinos. Outdoor https://myfreepokies.com/aristocrat-pokies/ smoking lounges had been established for patrons, but income very nearly immediately left the building too.
Meanwhile, gaming income at casinos located outside 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 smoking ban,’ Frissora told the committee.
The city threw Harrah’s New Orleans a bone when the casino was allowed by it to include 63 slot machines in its smoker-friendly courtyard. But with losings totaling nearly $70 million in 2 years, that’s not even one video gaming machine per million dollars.
However, the designated video gaming courtyard is initial of three set to open.
Lighting a Fire
Smoking and gambling go together like America and apple pie, and that’s why Louisiana Gaming Task Force Chairman Ronnie Jones thinks the ban is working against the reason for having legalized gambling in New Orleans.
Harrah’s brand New Orleans has directed more than $1.2 billion in gaming taxes to your continuing state because it opened in 1999. It’s also compensated $300 million in lease payments to the city, and raised over $8 million for Hurricane Katrina relief.
By all reports, Harrah’s has become a strong partner to New Orleans.
Harrah’s forecasts 2017 video gaming profits should come in at $270 million, a far cry from the $342 million it collected in 2014. ‘ I’m perhaps not a scientist, but i believe the smoking ban had an effect,’ Jones explained.
While supporters of the clean-air code say the health of Harrah’s employees is far more critical than the casino’s bottom line, Frissora explained he just wishes a level regulatory playing field.
North Korea Casino Cruise Ship Invites Foreign Investors to Come Aboard
A North Korea casino ship is wanting to set sail through the Mount Kumgang tourist region to South Korea along with other Asian countries. The Kumgang Special International Tourism Zone is really a unique section of the reclusive totalitarian country that is charged with raising tens of vast amounts for Kim Jong Un’s government.
Site Visitors permitted to enter the country’s Mount Kumgang tourist region already arrive via ships, but now the separated regime wants foreigners to choose North Korea casino cruise line. (Image: Carlos Barria/Reuters)
Tourism and access that is outsider North Korea is heavily restricted, but each year a limited number of visitors are permitted under close supervision. Mount Kumgang is one such area foreigners can travel, and now the united states is looking to debut a casino cruise to the destination.
But in order to do so, 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. Utilizing the cruiseship, we will diversify international tourism of Mount Kumgang, which can be famous hill of world.’
‘The passenger ship is going to be designed with various facilities to allow 1,000 travelers doing social and safe travel in the sea,’ the notice hypes.
Do not expect billionaires Steve Wynn or Sheldon Adelson in the future running.
‘I strongly question there are foreign investors whom are willing to spend cash in North Korea,’ Lim Eul-chul, a teacher at South Korea’s Kyungnam University, told London’s Financial Times.
North Behind NY Fed Heist?
According to sources speaking with the Wall Street Journal, the usa believes North Korea was behind the successful $81 million cyber bank heist through the Federal Reserve Bank of the latest York year that is last. The funds had been swindled through the Bangladesh account, with some regarding the ill-gotten money being laundered through at minimum two casinos into the Philippines.
The WSJ says federal authorities have reason to credit the theft to North Korea while the US remains under the impression that Chinese operatives carried out the hacking.
On February 5, 2016, hackers scheduled transfers totaling almost $1 billion from the Bangladesh Central Bank for ‘international settlements’ set to be deposited into various reports around the globe. After $81 million was successfully withdrawn, a spelling error caught the interest of Deutsche Bank and prompted the monetary institution to verify the transaction with Bangladesh officials.
Instead of ‘Shalika Foundation,’ the recipient had been spelled ‘Shalika Fandation.’
Headed Towards War?
The eyes of world leaders are fixated on North Korea, as the nation is reportedly near to launching another test that is nuclear. Last month, Jong Un’s military conducted its very first ballistic missiles test since President Donald Trump took office.
US Secretary of State Rex Tillerson has said the Obama management’s ‘wait-and-see’ approach is over in regards to North Korea. Jong Un has made no secret about his wishes to obtain or build a weapon that is nuclear of reaching america.
White House Press Secretary Sean Spicer said this that the situation is ‘grave and escalating. week’ Yet another reason why foreigners that are fewn’t likely to be too keen on going in for a casino cruiseship in North Korea.