British billionaire Joe Lewis has avoided jail after admitting he masterminded an insider trading scheme that helped those around him make millions.
A former Tottenham Hotspur boss who lives in the Bahamas revealed inside information about four publicly traded companies to his girlfriend, friends and two private pilots, which they used to make a fortune, New York prosecutors say.
In January, he pleaded guilty to one count of conspiracy to commit securities fraud and two counts of securities fraud, admitting in court that he knew he had violated the law.
But prosecutors said he deserved leniency because of his age, poor health and willingness to come to the United States to face the charges rather than force a drawn-out extradition battle.
Lewis is pictured after his court appearance last July.Image source: Reuters
In court on Thursday, the 87-year-old was sentenced to three years’ probation and fined $5m (£4m).
Before being sentenced, Lewis said briefly: “Your honor, I’m here today because I made a terrible mistake.
“I am ashamed.”
Lewis said he hopes to spend the rest of his life “making amends and rebuilding the trust I’ve wasted.”
Lewis arrived at court for sentencing.Image source: Reuters
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Lewis founded the Tavistock Group, an investment company registered in the Bahamas, and is one of the world’s 500 richest people, according to the U.S. government.
His fortune, estimated at $6.2bn (£4.9bn), includes homes in several countries, a $250m yacht, a $90m private jet and an art collection worth $100m.
For more than two decades, Lewis has held a majority stake in Premier League football club Tottenham Hotspur, which is now held by a trust on behalf of his family.
From the outset it was clear that Lewis would not be any ordinary defendant – after his initial arrest he was released on a $300m (£237m) bail, using his yacht and plane as collateral.
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Prosecutors said he learned about public companies after making large investments and tipped off people close to him at least four times between 2019 and 2021.
“This insider trading was not the result of a one-time aberration, but rather a disturbing pattern of misconduct over many years,” they said.
His motive was unclear, but prosecutors said it could have been due to “arrogance, conceit, a desire to give gifts without spending his own money, irrational greed or other reasons.”
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