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Jun

09

How Keeping Up Appearances Ruined a Former Dallas Banker

By Tony Seruga

Andrew Ceresney of the Securities and Exchange Commission, discussing insider trading charges against the professional gambler William T. Walters and Thomas C. Davis, a former banker and a former chairman of Dean Foods, last month. CreditJustin Lane/European Pressphoto Agency

At age 67, Thomas C. Davis should be enjoying all the perks of a long and distinguished career at the pinnacle of Wall Street and the Texas business elite. These include golfing at the prestigious Dallas Country Club and Preston Trail Golf Club, where he was a member; trips to Las Vegas and golf tournaments on the private jet he co-owned; and fractional ownership of two professional sports teams, the Texas Rangers and the Dallas Stars.

What he faces instead is the prospect of 20 years or more in federal prison and millions of dollars in fines.

Last month, Mr. Davis pleaded guilty to 12 felonies for a brazen insider trading scheme in which he leaked a stream of confidential information about the Dallas-based Dean Foods while he served as the company’s chairman…

How Keeping Up Appearances Ruined a Former Dallas Banker

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