Sunday, February 25, 2024

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HomeTop LeaguesPremier LeagueFormer Tottenham owner Joe Lewis pleads guilty to insider trading

Former Tottenham owner Joe Lewis pleads guilty to insider trading

Former owner of Tottenham Hotspur, Joe Lewis, has pleaded guilty to U.S. insider trading charges on Wednesday.

British billionaire Joe Lewis pleaded guilty to U.S. insider trading charges on Wednesday. He was accused last year of a scheme that prosecutors said was designed to enrich friends and associates.

I am so embarrassed, and I apologise to the court for my conduct,” Lewis said in court.

Lewis was charged by federal prosecutors with 16 counts of securities fraud and three counts of conspiracy, for alleged crimes spanning from 2013 to 2021. The 86-year-old Lewis pleaded guilty to one count of conspiracy to commit securities fraud and two counts of securities fraud, as part of an agreement with the U.S. attorney’s office in Manhattan. He will be sentenced on March 28 and has the right to appeal in the event he is sentenced to prison time.

Former Tottenham owner Lewis orchestrated ‘a brazen insider trading scheme’

“Today’s guilty pleas once again confirm – as I said in announcing the charges against Joseph Lewis just six months ago. the law applies to everyone, no matter who you are or how much wealth you have,” said US Attorney Damian Williams.

Billionaire Lewis abused inside information he gained through his access to corporate boardrooms to tip off his friends, employees and romantic interests.

Now, he will pay the price with a federal conviction. the prospect of time in prison and the largest financial penalty for insider trading in a decade.

Broad Bay Ltd, a Bahamian entity owned by Lewis, entered a guilty plea on Wednesday and agreed to pay a $50 million fine

Lewis is now worth an estimated $6.2 billion, according to Forbes. He bought a controlling stake in Premier League club Tottenham Hotspur in 2001. Lewis was removed as “a person with significant control” of Spurs and formally handed his stake to a family trust in October 2022.

Sam Barton
Sam Barton
Sam Barton fell in love with football during the 98 World Cup and has been fascinated by it ever since. The tactical side of the game is what truly inspires him to think, read and write about football, making him the ideal football writer.
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