Gambler In Icahn Probe Owed Money At Time Of Alleged Insider Trades

Jun 9 2014 | 9:21am ET

The gambler under investigation as part of an insider-trading probe into Carl Icahn and golfer Phil Mickelson was facing a $15.25 million bill from the Federal Deposit Insurance Corp. at the time of the allegedly illicit deals, court filings show.

Federal authorities are looking into trades made by William Walters and Mickelson, allegedly on tips provided to Walters by Icahn. All three men have denied wrongdoing.

At the time of the alleged trades, in 2011 and 2012, Walters owed as much as $15.25 million to the FDIC. Two companies owned by the gambler bought a Las Vegas golf club in 2006 with a loan from the Community Bank of Nevada, which they defaulted on two years later. Community Bank later failed and was taken over by the FDIC, which then sought payment from Walters, who had personally guaranteed the loan.

Two years ago, Walters was ordered to pay $11.2 million to satisfy the loan, a payment he made, according to the FDIC.


In Depth

Direct Lending: What’s Different Now?

Mar 14 2017 | 8:43pm ET

Senior direct lending funds have become riskier over the past four years, with leverage...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...

 

From the current issue of