On July 27, William T. “Billy” Walters was sentenced to five years imprisonment, one-year supervised release, and a $10 million fine for conspiracy to commit insider trading. Walters and his coconspirator, Thomas C. Davis, misappropriated nonpublic information about the financial performance of Dean Foods, the largest processor and distributor of fresh milk in the United States. As member of Dean Foods’ board of directors, Davis passed along inside information to Walters in advance of public disclosures; in exchange, Walters invested in joint business ventures with Davis and extended two loans totaling approximately $1 million, which were never repaid. Walters earned approximately $32 million in profits and avoided losses of approximately $11 million as a result of the scheme. U.S. v. Walters, No. 16-cr-00338 (S.D.N.Y.).