A federal jury convicted Vegas Big-Wig Billy Walters of an insider-trading scheme with the former CEO of Dean Foods (Thomas Davis) that netted him $43 million. The jury returned a guilty verdict on all 10 counts of conspiracy, securities fraud and wire fraud charges. Walters will be sentenced on July 14, 2017, facing up to 20 years in prison for each of eight counts, plus five years apiece on the other two.
Dean Foods is the company behind Land O’Lakes, Horizon and other major supermarket brands.
Walters’ co-conspirator, former Dean Foods chairman Thomas Davis has already pleaded guilty to sharing tips on Dean Foods that allowed Davis to profit by tens of millions of dollars between 2008 and 2014.