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May 19, 2016

Posted  June 6, 2016

The SEC announced insider trading charges against professional sports gambler William “Billy” Walters.  The SEC alleges that Walters was owed money by Thomas C. Davis, former board member of Dean Foods.  According to the SEC’s complaint, Davis regularly shared insider information about Dean Foods with Walters in advance of market-moving events.  The two communicated using prepaid cell phones and through other methods in an effort to avoid detection.  Around 2013, when Davis was lacking market-moving information about Dean Foods to share with Walters, he began sharing non-public information about strategic plans for Darden Restaurant group which Davis had subject to a non-disclosure agreement.  Walters allegedly made $40 million based on the illegal stock tips from Davis.  The SEC also included professional golfer Phil Michelson as a relief defendant.  The SEC alleges that Mickelson owed Walters money and Walters urged him to trade in Dean Food securities based on Davis’ information.  Michelson reaped more than $931,000 in profits based on his trading of Dean Foods securities and used part of the money to pay his trading debts to Walters.  Michelson has agreed to full disgorgement of his trading profits plus interest.  SEC

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