Billionaire Joe Lewis pleads guilty to insider trading

Billionaire Joe Lewis pleads guilty to insider trading
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UK billionaire Joe Lewis, whose family trust owns Tottenham Hotspur football club, has pleaded guilty to insider trading in a US court.

Lewis, 86, was accused of passing on information about his companies to his private pilots, friends, personal assistants and romantic partners.

US authorities say that the fraud netted millions of dollars in profit.

Lewis pleaded guilty to conspiracy and two counts of securities fraud as part of a deal with prosecutors.

He will be sentenced in March.

Lewis founded the investment firm Tavistock Group and was ranked 39th on the 2023 Sunday Times Rich List, with an estimated worth of more than £5bn ($6.4bn).

He was arrested in July 2023 and charged with sixteen counts of securities fraud and three counts of conspiracy.

Prosecutors had alleged that between 2013 and 2021, he abused his access to corporate board rooms and passed the insider information on to his contacts.

In court in Manhattan on Wednesday, Lewis admitted he knew what he was doing was wrong.

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

This is a developing story. Check back for updates.

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Source: bbc.co.uk

By David Ryckman