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Billy Walters' motion to dismiss federal insider-trading case denied

A federal judge on Wednesday declined to dismiss a case against Las Vegas businessman and renowned sports bettor Billy Walters, who is facing multiple counts of wire and securities fraud stemming from a series of stock trades made in 2012 that led to an indictment that was unsealed last May.

A jury trial is set to begin March 13 in New York. Walters has denied any wrongdoing.

In January, attorneys for Walters requested that the case be dismissed due to government misconduct after it was revealed that an FBI special agent had leaked sensitive information regarding the case to the New York Times and Wall Street Journal. FBI agent David Chaves is currently under investigation for the leaks.

U.S. District Judge Kevin Castel acknowledged the leaks but ruled that Walters' request to dismiss did not show "cognizable prejudice." Castel also denied Walters' request for an evidentiary hearing on the leaks.

Golfer Phil Mickelson and Thomas Davis, a former executive of dairy company Dean Foods, were also initially targeted in the investigation. Mickelson was not criminally charged but did agree to pay back $1.03 million in "ill-gotten gains" he made from the stock trades.

According to court documents, Davis is a cooperating witness.

Walters is widely considered the most successful sports bettor ever in the United States. He owns multiple golf courses and car dealerships across the country.