Sports gambler Walters sentenced to five years for insider trading

Reuters News
Posted: Jul 27, 2017 12:54 PM

NEW YORK (Reuters) - Famed Las Vegas sports gambler Billy Walters was sentenced on Thursday to five years in prison, following his April conviction in one of the highest profile U.S. insider trading trials in years.

U.S. District Judge Kevin Castel in Manhattan also ordered Walters, 71, to pay a $10 million fine. The defendant is due to surrender on Oct. 10.

Walters was accused by federal prosecutors of making more than $43 million in realized profits and avoided losses from 2008 to 2014 based on stock tips from a board member of dairy processing company Dean Foods Co.

During the sentencing hearing, Castel called the crime "amateurishly simple," and rejected Walters' request to be sentenced to a year and a day.

"Billy Walters is a cheater and a criminal, and not a very clever one," Castel said. "At this point in life, money was a way of keeping score."

Walters plans to appeal.

(Reporting by Jonathan Stempel in New York, editing by G Crosse)