Judge Orders Walters To Turn Over $25M In Gains From Illegal Trades
Las Vegas gambler Billy Walters will have to fork over more than $25 million he acquired from illegal insider trading gains.
Walters was convicted in April of trading on illicit tips, and is scheduled to report to prison October 10 to begin a five-year sentence. Walters is appealing the conviction and prison sentence.
Wednesday, U.S. District Judge Kevin Castel ordered Walters to forfeit the money after finding it could be traced to his illegal trades.
The case involved former Dean Foods Company Chairman Tom Davis, who was the prosecutor's top witness.