Walter Dietrich was born in St. Louis, Missouri in 1904.  Walter began his life of crime in his teenage years and was reportedly sentenced to be incarcerated within the Reform Schhol for Boys at around sixteen years of age.   This incarceration would not deter Walter from a life of crime and over the next fifteen years of Walter's life, most would be spent incarcerated.

Dietrich was a member of Herman Lamm's Gang and learned from Herman the art of Bank Robbery.  This "education" included how to perform bank robbery in a military fashion.  Lamm focused on casing banks, planning numerous escape routes, practicing the robbery beforehand to determine timing, timing the escape routes, etc.  Dietrich was with Lamm on the fateful day that posse members and police caught up with the gang.  Lamm was killed in the ensuing battle.  Dietrich shared this wealth of knowledge with Harry Pierpont and the Terror Gang during their time spent together in the Indiana State Prison at Michigan City, Indiana.

Walter was a crucial player in the escape from Michigan City in 1933 and his job within the prison as a receiving clerk for the shirt factory allowed the prisoners to collect the weapons that were smuggled in by John Dillinger.

Dietrich was recaptured after his escape from prison in 1934 and was returned to the Indiana State Prison.  Walter was paroled in 1953 and returned to his home town of St. Louis, Missouri where he worked as a Union Pipe Fitter.

Walter died in 1979.