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

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR