Former CEO and Gambling Addict Receives Two-Year Prison Sentence for Leaking Insider Info

(Photo: Casino.org)

In July of this year, prolific high-stakes sports bettor Billy Walters was sentenced to five years in jail as a result of inside trading. Identified as ‘the most dangerous sports bettor in Nevada’ following an investigation from CBS, the prosecution used information provided by Tom Davis – who had involvement with Walters’ inside trading – to put the 70 year-old behind bars. Unfortunately for Davis, evidence that he provided during this July case was incriminating enough for him to also receive two-years jail time for the scandal.

The former CEO of Dean Foods (the biggest dairy company in the U. S.) admitted to officials that he provided Walters with inside information that allowed him to make no less than $43 million by trading on the stock market. Davis stated that he did this as a result of his financial troubles that he’d got himself into following a gambling addiction that saw him lose as much as $200,000 in a single hand of blackjack. According to reports from the court, Walters provided Davis with the finances he needed to stay afloat in return for the valuable information on Dean Foods which he used to make millions trading with an illegal edge.

At his lowest point, the Financial Times reported that Davis had once stolen $100,000 from a battered women’s charity to pay off some of the outstanding debt he had with Cosmopolitan Las Vegas Hotel & Casino.

During his trial, Davis conceded his misconduct by stating:

"I made a series of grave mistakes, your honour. I know there is no one to blame but myself."

The District Judge that sentenced Davis labelled him ‘a phony, a fraud and a crook’ as he issued the two-year jail term. Along with the prison time, Davis was ordered by Judge Kevin Castel to pay a $845,000 fine and burdened with a $8.9 million restitution fee owed to Dean Foods that he and Billy Walters are responsible for paying.

The ex-CEO of Dean Foods is to begin his prison term on January 9th 2018.