U.S. Seeks 10 Years for Gambler in Insider Trade Plot
- Billy Walters traded on tips from Dean Foods ex-chairman Davis
- Prosecutors scoff at health-related leniency, citing golf time
Billy Walters arrives at federal court in New York on April 6, 2017.
Photographer: Louis Lanzano/BloombergThis article is for subscribers only.
Disgraced sports gambler Billy Walters should be jailed for as long as 10 years -- the maximum under U.S. guidelines -- for masterminding an insider-trading scheme with ex-golf pal and former Dean Foods Co. Chairman Tom Davis, prosecutors told a judge.
The government made its recommendation in a filing Friday in federal court in Manhattan, where the 71-year-old gambler was found guilty in April of making $43 million from Davis’s tips about Dean Foods. Defense attorneys earlier this month suggested a term of about a year. Sentencing is set for July 27.