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BILLY WALTERS SENTENCED TO 5 YEARS
Views: 574
Posted by Drew Martin
Replies: 0

Las Vegas gambler William "Billy" Walters on Thursday was sentenced to five years in prison over his role in a $43 million insider-trading scheme.

In April, Walters was convicted on all 10 counts he faced, including securities fraud, conspiracy and wire fraud.

From 2008 to 2014, prosecutors argued that Walters made $32 million in profit and avoided another $11 million in losses. Walters stood accused of trading on insider information on Dean Foods Co., which he obtained from former company chairman Thomas Davis.

Walters' maneuvers also involved a stock tip to Phil Mickelson, a star golfer, and Carl Icahn. The prosecution said Mickelson made nearly $1 million after Walters advised him in 2012 to buy stock in Dean Foods.

Neither Mickelson nor Icahn were charged with wrongdoing. Mickelson didn't testify during the trial, but the prosecution did rely on testimony from Davis.

http://www.cnbc.com/2017/07/27/gambler-billy-walters-sentenc ed-to-5-years-in-insider-trading-scheme.html

 
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