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US Court Finds UK Billionaire, Joe Lewis, Guilty of Insider Trading

Image Source: our.today @ Instagram

86-year-old UK billionaire Joseph Lewis, who owns the private investment organization Tavistock Group and a majority stake in English Premier League soccer team Tottenham Hotspur, has admitted to insider trading charges in a US federal court. He was accused of sharing confidential information about companies he invested in with private pilots, friends, personal assistants, and girlfriends, resulting in millions of dollars in illegal profits.

In a New York court, Lewis pleaded guilty to one count of conspiracy and two counts of securities fraud. The charges relate to an alleged scheme in which he provided insider information to individuals close to him. Additionally, Lewis’ company, Broad Bay Ltd., pleaded guilty to participating in a scheme to conceal his ownership of shares in a pharmaceutical company through false filings and misleading financial statements. Broad Bay Ltd. has agreed to pay $50 million in penalties as part of its plea.

The US authorities claim that Lewis misused inside information acquired through his access to corporate boardrooms to inform his associates. Manhattan U.S. Attorney Damian Williams, who prosecuted the case, said, “Lewis misused inside information gained through his access to corporate boardrooms to inform his friends, employees, and romantic interests. Now, he will face a federal conviction, the possibility of prison time, and the largest financial penalty for insider trading in a decade.”

Lewis could receive a maximum sentence of 20 years in prison for the charges, and his sentencing is scheduled for March. His arrest in July 2023 was a significant development in the case, as he allegedly encouraged his private aircraft pilots to buy stock shares in Mirati Therapeutics before the company released favorable results from a clinical trial.

In response to the guilty pleas, Lewis’ spokesperson issued a statement, saying, “Today, Joe Lewis admitted to his involvement in a number of stock trades made by individuals close to him.” The statement emphasized that Lewis did not engage in improper trading in his own accounts and expressed regret for his actions, stating that Lewis is “deeply sorry, embarrassed, and apologizes to the Court, his family, and all those who have come to rely on him.”

Image Source: our.today @ Instagram

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