Former Dean Foods Chairman Charged With Insider Trading
May 19 2016 - 10:10AM
Dow Jones News
Federal prosecutors charged the former chairman of Dean Foods,
Thomas Davis, with participating in an insider trading scheme,
according to an indictment unsealed.
Mr. Davis provided inside information about the dairy company's
financial outlook and performance to another man who then traded on
it, prosecutors said.
Prosecutors also charged the other man, Las Vegas bettor William
"Billy" Walters, officials said.
The Securities and Exchange Commission also sued the two
men.
Preet Bharara, the U.S. Attorney for the Southern District of
New York, will hold a press conference at noon in New York, along
with the SEC's director of enforcement.
Barry Berke, a lawyer for Mr. Walters, said in a statement:
"Bill Walters is a true American success story, whose extraordinary
accomplishments as a lawful sports gambler have been widely
recognized and lauded. Mr. Walters and his counsel look forward to
his day in court where it will be shown that the prosecutors'
accusations are based on erroneous assumptions, speculative
theories and false finger-pointing."
Thomas Melsheimer, a lawyer for Mr. Davis, didn't immediately
respond to a request for comment.
Write to Nicole Hong at nicole.hong@wsj.com
(END) Dow Jones Newswires
May 19, 2016 09:55 ET (13:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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