Former Dean Foods Chairman Dusted Off $150K In Single Blackjack Hand: ReportInsider Trading Case Begins For Sports Bettor Billy Walters |
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The insider trading case involving legendary Las Vegas sports bettor Billy Walters (pictured) and the former chairman of Dean Foods is currently playing out in court, and some juicy details have emerged thus far.
Bloomberg reported that a Manhattan court was told this week that Tom Davis, who prosecutors say fed nonpublic information to Walters over a six-year period, was a degenerate gambler who once lost $150,000 in a single hand of blackjack.
Walters allegedly profited more than $40 million from Davis’ tips.
Davis, who admitted to his involvement in Walters’ alleged insider trading, said that he eventually decided he “couldn’t continue to lie” and so he told the state everything about his decades-long friendship with Walters.
They’re probably not buddies anymore.
The 68-year-old Davis was in poor financial shape thanks to his gambling and spending habits and needed money from Walters, 70, according to prosecutors. Walters allegedly helped him out in exchange for the tips.
Davis pleaded guilty to conspiracy, securities fraud, wire fraud, obstruction of justice and perjury last year. The SEC has also filed civil charges against Davis and Walters. Davis stepped down from his position as chairman of Dean Foods in August amid the government’s investigation.
Davis took the stand Tuesday and laid out the story of the start to the alleged insider trading scheme. If convicted, Walters could get 8-10 years in prison.
Barry Berke, Walters’ lawyer, said in May that the charges against his client are based on “erroneous assumptions, speculative theories and false finger-pointing.”
Walters was called “the most dangerous sports bettor in Nevada” in a 2011 report from CBS. Dean Foods is a Fortune 500 company that is the largest processor and distributor of fresh milk in the United States.
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