Las Vegas gambler Walters gets five years in prison

NEW YORK — Billy Walters, a prominent Las Vegas gambler linked to golfer Phil Mickelson, was sentenced Thursday to five years in prison for his role in an insider-trading scheme.

In April, Walters was convicted on all 10 counts he faced, including securities fraud, conspiracy and wire fraud. U.S. District Judge P. Kevin Castel ordered Walters to pay a $10 million fine to go along with his prison sentence.

 

Castel called Walters "a cheater and a criminal, and not a very clever one." He noted Walters was a minor celebrity in Las Vegas with a private plane, a $17 million West Coast home and $175 million in earnings from 2011 to 2015.

 

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 involved a stock tip to Mickelson, who was not charged and did not testify during the trial.

Walters declined comment as he left court. He was told to report to prison Oct. 10.

back to news

Get the FREE VSiN Newsletter

Key line movements -- and what they should mean to you -- delivered to your inbox every morning.

20190729-Display__assets-Generic_football_300x250_(2)

VSiN promo codes

Manscaped: Go to Manscaped.com and get 20% off with the code VSIN.

KeepsGo to keeps.com/vsin for your free doctor consultation and get your first month of hair treatments for free.

EightSleepFor $150 off, go to eightsleep.com/VSIN.

VooDoo Cream: Use the code "Pauly" to get a special discount for VSiN fans.

Kenny White's College Football Power Ratings: Get $5 off with discount code vsin20off.

PropSwap_Logo_002_FullColor

Online Sports Betting Marketplace

Featured Tickets for Sale on PropSwap.com

1) Joe Burrow to Win Heisman Trophy - Sale Price: $4,500, Collect: $22,800, Odds: 4.07/1

2) Houston Astros to Win World Series - Sale Price: $500, Collect: $1,375, Odds: +175

3) Lamar Jackson to Win NFL MVP - Sale Price: $264, Collect: $2,613, Odds: 8.90/1

Go to PropSwap.com/VSiN or call
1-844-PROPSWAP

All tickets are open to Bidding. Prices & availability are subject to change.