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Federal court denies convicted Las Vegas gambler's appeal

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Posted at 5:23 PM, Dec 06, 2018
and last updated 2018-12-06 20:23:46-05

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.