Las Vegas gambler William “Billy” Walters has been sentenced to five years in prison over his role in a $43 million insider-trading scheme, the office of the U.S. Attorney for the Southern District of New York said Thursday.
Walters was convicted in April on all 10 counts he faced, including securities fraud, conspiracy and wire fraud.
From 2008 to 2014, prosecutors said, Walters made $32 million in profit and avoided another $11 million in losses due to trading on insider information on Dean Foods Co., which he obtained from company chairman Thomas Davis.
Walters’ maneuvers also involved a stock tip to Phil Mickelson, a star golfer.
“Making millions in the stock market with a deck stacked in your favor leads to time in a federal penitentiary,” acting U.S. Attorney Joon H. Kim said in a release announcing Walters’ sentencing.
Reuters contributed to this article.