High-stakes sports gambler Billy Walters was sentenced on Thursday to five years in prison and ordered to pay a $10 million fine over insider trading.
He was found guilty of a $43m insider trading scheme, which also involved former Dean Foods CEO Tom Davis. In a four-week trial last April, he was convicted over ten charges of securities fraud, wire fraud and conspiracy.
The final sentence handed out by Judge P Kevin Castel was half of the prosecution’s request for ten years imprisonment. The Judge described the crime as ‘amateurishly simple’. “Billy Walters is a cheater and a criminal, and not a very clever one,” he added.
Prosecutors said that Las Vegas sports bettor began illegal trading in 2006, making over $40m profits thanks to corrupt tips from Davis. Businessman Davis pleaded guilty in April and awaits sentencing.
Lawyers for Walters requested a plea to impose the probation department’s recommendation of one year and one day in prison, due to his regular donations to charities. They also submitted multiple letters from professional athletes and family members seeking leniency.
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