Vegas Gambler Billy Walters Gets 5 Years for Insider Trading
- Walters got tips from Dean Foods’s ex-chairman Tom Davis
- Jurors rejected attempt to blame scheme on golfing buddy
Billy Walters arrives at federal court in New York, on April 6.
Photographer: Louis Lanzano/BloombergThis article is for subscribers only.
Las Vegas gambler Billy Walters, once the most successful sports bettor in the country, was sentenced to five years behind bars for masterminding a six-year insider-trading scheme with former Dean Foods Co. Chairman Tom Davis.
Walters, whose prolific wagers over four decades helped him buy seven homes and a $20 million jet, stood silently as a judge handed down the sentence Thursday in Manhattan federal court.