Famous Las Vegas sports gambler and real estate mogul Bill Walters has
been arrested by federal authorities on suspicion of insider trading.
According to the FBI and IRS agents, Walters has participated in a six-year
scheme that involved Dead Foods, Inc., one of the nation's largest
suppliers of dairy products.
As the Las Vegas Review-Journal reports, authorities believe that Walters collaborated with former Dead Foods
board member Thomas Davis to regularly make illegal stock exchange trades.
According to the federal indictment, Walters "regularly received
confidential information" from Davis in order to buy and sell Dead
"On certain trading days, Walters’ purchases or sales based
on inside information amounted to more than 30 percent of the total daily
trading volume in Dean Foods stock," the indictment reads. All in
all, it believed that, between 2008 and 2016, Walters made about $32 million
and avoided $11 million in losses just on the Dead Foods stock.
History of Legal Trouble
Walters, who is a major campaign contributor in Nevada, has been faced
legal trouble before but has rarely ever been convicted. In 1992, he was
charged as part of the "Computer Group" that used high-tech
means to place high-stake wagers on sports contests. Besides his prolific
sports betting career, Walters is also owner of The Walters Group holding
company, which was developed several high-profile golf courses throughout
Despite his wealth and political connections, the FBI, IRS, and SEC appear
to be serious about charging and convicting Walters on his latest charges.
Walters is due in court for a hearing tentatively scheduled for June 1.
Those engaged in sports betting, casino markers, or online wagering are
often at high risk for criminal accusations. It is critical that, if allegations
do occur, these individuals seek capable and proven counsel. At
Okabe & Haushalter, our experienced Las Vegas white collar crime attorneys are well-versed
in parsing these complex charges against our clients and ensuring their
rights are protected both in and outside of federal court.
Need to start exploring your defense options? Contact us today to schedule a
confidential case evaluation.