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Ex-Dean Foods Chairman With Ties to Billy Walters Gets 2 Years in Prison in Fraud Case

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Oct/20/2017

NEW YORK (Associated Press) — A former Dean Foods chairman who admitted feeding inside information to an influential Las Vegas gambler has been sentenced in New York to two years in prison.

A federal judge imposed the sentence on Thomas Davis, of Dallas, Texas Thursday.

Judge P. Kevin Castel acknowledged Davis was a pivotal cooperator who testified at trial against gambler William "Billy" Walters. Golfer Phil Mickelson had to repay $1 million in stock profits after receiving a tip from Walters. He wasn't charged.

Castel also criticized Davis for lying to the Securities and Exchange Commission and going on a gambling junket after pleading guilty.

Walters was convicted last spring of making over $40 million through illegal trading. He was sentenced to five years in prison.

Castel ordered Davis to surrender Jan. 9.

Davis apologized.

Business/Financial News

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