Gambler Billy Walters Must Forfeit $25.4 Million of Ill-Gotten Gains

Las Vegas gambler Billy Walters, who’s scheduled to report to prison next month, was ordered to forfeit $25.4 million in illegal insider-trading gains.

Walters, 71, was convicted in April of trading on illicit tips he got from his golf buddy, former Dean Foods Co. Chairman Tom Davis. He’s scheduled to report to prison Oct. 10 to begin a five-year sentence. Walters is appealing the conviction and prison sentence.

U.S. District Judge Kevin Castel Wednesday ordered Walters to forfeit the money after finding it could be traced to his illegal trades.

The case entangled pro golfer Phil Mickelson, who wasn’t accused of wrongdoing but agreed to pay back almost $1 million he earned trading on information he got from Walters.

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