Legendary Sports Gambler Billy Walters Convicted of Insider Trading

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.

The jury was shown evidence that the dynamic duo traded nonpublic information about the company on prepaid burners they referred to as the “bat phone.” Their codename for Dean Foods was the Dallas Cowboys.  In addition, Walters was warned of news ahead of the public that caused Dean Foods Shares to drop 30 percent in one day.  This allowed Walters to make large strategic trades, to avoid losses and without the warning Walters would have lost $7 million.  Walters made trades, at times accounting for over a third of the trading volume in Dean Foods stock.

If you feel you have been misled regarding investing and wish to discuss legal action, please contact Darren Blum at 1-877-786-2552 (Stock Law), www.stockattorneys.com for a free consultation