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Las Vegas Gambler and Real Estate Mogul Arrested For Insider Trading

Okabe & Haushalter May 23, 2016 White Collar Crimes

Famous Las Vegas sports gambler and real estate mogul Bill Walters has been arrested by federal authorities on suspicion of insider trading. According to the FBI and IRS agents, Walters has participated in a six-year scheme that involved Dead Foods, Inc., one of the nation’s largest suppliers of dairy products.

As the Las Vegas Review-Journal reports, authorities believe that Walters collaborated with former Dead Foods board member Thomas Davis to regularly make illegal stock exchange trades. According to the federal indictment, Walters “regularly received confidential information” from Davis in order to buy and sell Dead Foods securities.

“On certain trading days, Walters’ purchases or sales based on inside information amounted to more than 30 percent of the total daily trading volume in Dean Foods stock,” the indictment reads. All in all, it believed that, between 2008 and 2016, Walters made about $32 million and avoided $11 million in losses just on the Dead Foods stock.


Walters, who is a major campaign contributor in Nevada, has been faced legal trouble before but has rarely ever been convicted. In 1992, he was charged as part of the “Computer Group” that used high-tech means to place high-stake wagers on sports contests. Besides his prolific sports betting career, Walters is also the owner of The Walters Group holding company, which was developed several high-profile golf courses throughout Southern Nevada.

Despite his wealth and political connections, the FBI, IRS, and SEC appear to be serious about charging and convicting Walters on his latest charges. Walters is due in court for a hearing tentatively scheduled for June 1.

Those engaged in sports betting, casino markers, or online wagering are often at high risk for criminal accusations. It is critical that, if allegations do occur, these individuals seek capable and proven counsel. At Okabe & Haushalter, our experienced white collar crime attorneys are well-versed in parsing these complex charges against our clients and ensuring their rights are protected both in and outside of federal court.

Need to start exploring your defense options? Contact us today to schedule a confidential case evaluation.