Tottenham owner pleads guilty in insider stock trading case
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British billionaire Joe Lewis, who owns the English football club Tottenham, made a deal with prosecutors and pleaded guilty to securities fraud related to insider trading, reports Reuters from a New York federal court hearing. The charges against the businessman became known in July 2023.
Joe Lewis pleaded guilty to three counts of conspiracy and fraud. As noted CNBC Citing testimony from the billionaire, he lent $500,000 to two of his private jet pilots and encouraged them to buy shares of Mirati Therapeutics, which is developing cancer drugs, pending trial results. Sentencing is scheduled for March 28.
The management of Joe Lewis’s company, Broad Bay Ltd., also agreed to a deal with the prosecutor’s office. The company admitted that it hid its ownership of shares in the pharmaceutical firm by selling falsified financial statements. Broad Bay will pay a $50 million fine.
CNBC writes that for the charges to which Joe Lewis pleaded guilty, he faces up to 20 years in prison. The 86-year-old’s lawyer said Mr Lewis was “deeply sorry and apologizes to the court, his family and everyone who relied on him”.
Joe Lewis was indicted in July on 16 counts of securities fraud dating from 2013 to 2021. According to prosecutors, he took inside information about four companies in which he invested through his hedge fund, and also hid the size of his assets by investing through a shell company.
Joe Lewis owns the Tavistock Group, an investment company that does business in 13 countries. Through the British company ENIC Tavistock Group, he owns a controlling stake in Tottenham. Bloomberg estimated his fortune at $6.6 billion.
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