Legendary Las Vegas Sports Gambler Ordered To Forfeit $25 MillionTom Davis Awaits Sentencing Next Month |
|
Legendary and now infamous Las Vegas sports bettor Billy Walters was ordered Wednesday by a federal judge to forfeit $25.4 million in ill-gotten gains from an insider trading scheme, per a Bloomberg report.
In July, Walters was sentenced to five years in prison for the years-long plot to profit from illegal tips on the stock of Dean Foods. The former chairman of the company was the lead government witness. Walters will report to prison in October.
Walters, 71, was convicted in April of the crimes.
The jury deliberated for two days after prosecutors laid out their case that Walters reaped more than $40 million from the tips. He was convicted on 10 counts of conspiracy and fraud, and he could have received a sentence that would have put him behind bars for the rest of his life
Tom Davis, the Dean Foods ex-chairman, pleaded guilty to conspiracy, securities fraud, wire fraud, obstruction of justice and perjury last year.
“The crime was amateurishly simple,” the judge said of the scheme that went on for six years.
The millions in penalties aren’t likely to bankrupt Walters. The businessman has golf courses and auto dealerships in Las Vegas. His businesses generated about $500 million in revenue in 2013.
Copyright © 2001-2024
CardPlayer.com. All rights reserved.
