Vegas Gambler's Insider-Trading Conviction Upheld on Appeal
- Billy Walters claimed FBI leaks to media tainted his trial
- Appeals panel says leaks ‘disturbing’ but didn’t affect trial
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Las Vegas gambler Billy Walters’s insider-trading conviction was upheld by a federal appeals court in New York, which rejected his argument that it should throw out the verdict because FBI leaks tainted his trial.
Walters, 72, was sentenced to five years in prison and a $10 million fine after being convicted of masterminding a six-year insider-trading scheme with former Dean Foods Co. Chairman Tom Davis. He argued that the case should be thrown out because of "extraordinary government misconduct" by a senior FBI agent who leaked grand jury information to the Wall Street Journal and the New York Times.