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Federal court denies convicted Las Vegas gambler's appeal

Posted: 5:23 PM, Dec 06, 2018
Updated: 2018-12-06 20:23:46-05
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LAS VEGAS (AP) — A once successful yet illegal Las Vegas gambler will remain behind bars.

The Las Vegas Review-Journal reports a federal appeals court on Tuesday dismissed Billy Walters' argument to overturn his prison sentence and $10 million fine resulting from his conviction last year on 10 counts of fraud and conspiracy. He was arrested in May 2016 .

Walters, who won enough over four decades to buy seven homes and a $20 million jet, was sentenced in July 2017 to five years in prison for masterminding an insider-trading scheme with a former Dean Foods Co. chairman. Prosecutors say Walters made more than $40 million illegally trading the Dean Foods stock.

Walters' attorneys made the case to have his conviction dismissed because a special agent of the FBI leaked confidential grand jury information to reporters.

The 2nd U.S. Circuit Court of Appeals in Manhattan ruled 3-0 in denying Walters' appeal.