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National & World Ag News Headlines |
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Former Dean Foods Chairman Charged with Insider Trading
USAgNet - 05/23/2016
The former chairman of Dean Foods, along with a a Las Vegas gambler, were charged with an insider-trading scheme on Thursday. Penton Agriculture reports that Tom Davis and William "Billy" Walters are reported to have used prepaid cellphones and code
words to camouflage their dealings.
Davis was charged with conspiracy to commit securities fraud, conspiracy to commit wire fraud, securities fraud, wire fraud, perjury and obstruction of justice. Walters was charged with conspiracy to commit securities fraud, conspiracy to commit wire fraud,
securities fraud and wire fraud.
The investigation became public last year. Davis also resigned from Dean Foods last year. The scheme is reported to have run from 2008 to 2014.
Prosecutors say Walters earned $32 million following tips Davis provided on Dean Foods. He also allegedly gave tips about the Olive Garden restaurant chain.
According to the charging document, Davis told the Securities and Exchange Commission he never provided Walters with any confidential information.
Golfer Phil Mickelson has also been implicated in the case.
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