Gambler tied to Mickelson pleads not guilty in trading case

A New York judge has set bail at $25 million for a professional gambler linked to golfer Phil Mickelson in an insider trading controversy.

Over government objections, the Manhattan magistrate judge also ruled Wednesday that 69-year-old William Walters can keep riding in his personal jet. Walters pleaded not guilty to charges he made tens of millions of dollars in illicit stock trades.

Magistrate Judge Andrew Peck rejected arguments by a prosecutor who claimed Walters could easily fly to Mexico if not restricted to commercial travel.

Defense attorney Barry Berke said Walters flies frequently between businesses in six states.

Mickelson was spared from criminal charges after the Securities and Exchange Commission accused him in a civil suit of making nearly $1 million in a stock trade. He agreed to repay it.

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