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Justice News

Department of Justice
U.S. Attorney’s Office
Southern District of New York

Friday, April 7, 2017

Statement Of Acting U.S. Attorney Joon H. Kim On The Conviction Of William T. Walters For Insider Trading

“Today, Billy Walters lost his bet that he could cheat the securities markets on a massive scale and get away with it scot-free.  As a unanimous jury swiftly found, Walters received inside information about Dean Foods for years – directly from one its board members – and illegally traded on it, netting over $43 million.  Armed with his illegal edge, Walters made huge, perfectly-timed trades, at times accounting for over a third of the trading volume in Dean Foods stock.  In engaging in his years-long stock fraud scheme, Walters underestimated law enforcement’s resolve to pursue and catch those who cheat the market.  The integrity of the American financial markets is a bedrock principle upon which our economy and justice system relies, and this Office and our partners at the FBI are as committed as ever to protecting it.”

Financial Fraud
Press Release Number: 
Updated April 7, 2017