Dean Foods ex-chairman, pro gambler charged with insider trading
U.S. prosecutors on Thursday accused a former chairman of Dean Foods Co (DF.N) and a Las Vegas gambler of insider trading in a years-long scheme that allegedly generated tens of millions of dollars of illegal profits.
Thomas Davis, the former Dean Foods chairman, and William “Billy” Walters each face securities fraud, wire fraud and conspiracy charges. Davis was also charged with perjury and obstruction of justice.
The two men have been friends since the mid-1990s, based on shared interests in sports, golf, gambling and business, according to court papers. The alleged insider trading between 2008 and 2014 involved trades in the shares of Dean Foods and Darden Restaurants Inc (DRI.N), according to the papers.