Sports bettor Billy Walters on Thursday was sentenced five years in prison and fined $10 million for insider trading earning him more than $40 million.
The 71-year-old was convicted of 10 counts of conspiracy and fraud in April for receiving illegal stock tips from the former chairman of Dean Foods. According to the government, the scheme continued for six years.
P. Kevin Castel, U.S. District Judge called Walter “a cheater and a criminal, and not a very clever one” and described the crime as “amateurishly simple”. Thomas Davis has not yet been sentenced who helped the government convict Walters. Walters helped Davis out in exchange for the illegal tips, as Davis was in poor financial conditions due to his gambling and spending habits.
The defence for Walter argued that he should be spared from prison time owing to his health; the prosecutors counter argued that he travelled thrice to San Diego just to play golf in the last two weeks.
Many influential people made efforts to spare Walters of any prison time, including the like of former Nevada Senator Harry Reid.