Revered sports gambler Billy Walters was found guilty of insider trading earlier today in a case spearheaded by the US Attorney's Office for the Southern District of New York.
Walters was arrested on May 18, 2016 in Las Vegas by the FBI and charged with insider trading for his investments into Dean Foods from 2008-2014.
The prosecution's case centered on testimony from former chairman of Dean Foods Tom C. Davis, a longtime business partner and golfing buddy of Walters, who admitted during the trial to borrowing over $625,000 from Walters to finance a gambling addiction. The jury was nevertheless convinced by Davis's testimony, despite the defense's attempt to discredit the star witness.
Walters collected $43 million on trades of Dean Foods, including $17.1 million on a tip about a Dean Foods spin-off, according to a report published by Bloomberg.com.
Walters could be sentenced to a minimum of eight years behind bars after being convicted on all ten charges against him including securities fraud and conspiracy. SBR Forum posters are discussing the conviction.
CBS News profiled the sports betting legend on their 60 minutes program back in 2011.
In a criminal case similarly of interest to sports bettors, Bartice "Luke" King, founder of defunct betting site Legends Sports, awaits sentencing for two charges of running a gambling business and money laundering. Sentencing is expected on May 9, 2017. King was acquitted of the most serious charge against him of racketeering (RICO) but found guilty on the two lesser charges in May of 2015.