Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Las Vegas gambler Walters loses insider trading appeal
Source: Reuters
BUSINESS NEWS DECEMBER 4, 2018 / 12:36 PM / UPDATED 14 MINUTES AGO
Las Vegas gambler Walters loses insider trading appeal
Jonathan Stempel
3 MIN READ
NEW YORK (Reuters) - A federal appeals court on Tuesday upheld the insider trading conviction and five-year prison sentence of famed Las Vegas sports gambler William “Billy” Walters, even as it chastised an FBI agent for leaking grand jury information about the case.
Walters, 72, had been accused of using nonpublic information from former Dean Foods Co (DF.N) Chairman Thomas Davis about the dairy processing company and from Olive Garden parent Darden Restaurants Inc (DRI.N) to make more than $43 million in profits and avoided losses from 2008 to 2014.
The 2nd U.S. Circuit Court of Appeals in Manhattan said Walters’ April 2017 conviction was not unconstitutionally tainted by several leaks from Federal Bureau of Investigation Special Agent David Chaves to reporters about the grand jury probe.
It also rejected Walters’ claims that prosecutors suborned perjury by Davis over the use of a disposable cellphone nicknamed the “Batphone” to provide tips, and that the evidence didn’t support his conviction related to Darden.
-snip-
Las Vegas gambler Walters loses insider trading appeal
Jonathan Stempel
3 MIN READ
NEW YORK (Reuters) - A federal appeals court on Tuesday upheld the insider trading conviction and five-year prison sentence of famed Las Vegas sports gambler William “Billy” Walters, even as it chastised an FBI agent for leaking grand jury information about the case.
Walters, 72, had been accused of using nonpublic information from former Dean Foods Co (DF.N) Chairman Thomas Davis about the dairy processing company and from Olive Garden parent Darden Restaurants Inc (DRI.N) to make more than $43 million in profits and avoided losses from 2008 to 2014.
The 2nd U.S. Circuit Court of Appeals in Manhattan said Walters’ April 2017 conviction was not unconstitutionally tainted by several leaks from Federal Bureau of Investigation Special Agent David Chaves to reporters about the grand jury probe.
It also rejected Walters’ claims that prosecutors suborned perjury by Davis over the use of a disposable cellphone nicknamed the “Batphone” to provide tips, and that the evidence didn’t support his conviction related to Darden.
-snip-
Read more: https://www.reuters.com/article/us-usa-insidertrading-walters/las-vegas-gambler-walters-loses-insider-trading-appeal-idUSKBN1O328K
2 replies
= new reply since forum marked as read
= new reply since forum marked as read