Gambler Tied to Phil Mickelson Convicted of Insider Trading

A Las Vegas gambler linked to golfer Phil Mickelson says a jury verdict finding him guilty of insider trading charges means he lost the biggest bet of his life.

The verdict Friday capped a three-week trial in federal court in New York City for William "Billy" Walters. Mickelson never testified though he had been on a list of prospective witnesses. Sentencing was set for July.

Walters commented on the verdict outside court. His lawyer said the verdict will be appealed.

A prosecutor had said Mickelson earned nearly $1 million after Walters told him to buy Dean Foods Co. stock in 2012. The Securities and Exchange Commission cited Mickelson in a lawsuit and Mickelson agreed to repay it.

Walters was convicted of earning over $40 million illegally.

Mickelson wasn't charged.

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