Even before becoming New To Las Vegas, I had heard of Billy Walters. He was a big-time Vegas-based gambler–profiled in 2011 on 60 Minutes as “the most dangerous sports bettor in Nevada.”
Turns out Walters, whose full name is William T. Walters, also was a big-time stock investor. A little too big time, I might suggest. Last month, he was convicted in federal court in New York City on all 10 criminal counts he faced involving insider trading in publicly traded dairy company Dean Foods.
According to the indictment and rather abundant trial testimony, Walters used confidential information over six years to profit to the tune of $43 million, either by buying shares ahead of the release of good news or selling them just before bad stuff became known publicly. Walters used tips fed him by Thomas C. Davis, Dean Foods board member and sometimes chairman who was heavily indebted to Walters and who went state’s evidence as part of his own guilty plea to a dozen charges.
Walters, 70, who professed innocence, will appeal after he’s sentenced in July. (UPDATE: He was sentenced on July 27 to five years in prison and a $10 million fine.) He also earns a nomination to my new list, It Didn’t Stay Here. This is a roster of people who got into trouble elsewhere for something that happened in Las Vegas. The still-embryonic list–a riff on the celebrated Las Vegas Convention and Visitors Authority marketing slogan, “What Happens Here, Stays Here“–can be found elsewhere on this page.
How much of what Walters was convicted of actually took place in Las Vegas isn’t completely clear to me. I didn’t attend the four-week trial in Manhattan, and daily news accounts of the proceedings were intermittent. But according to the indictment–remember, Walters was convicted on all counts, so the jury found the totality of the charges convincing–Sin City was definitely a venue for some of his purported dirty dealings.Share on Facebook