His sentencing is set for March 28
British billionaire Joe Lewis, whose family owns Tottenham Hotspur football club, pleaded guilty to US insider trading charges on Wednesday. As perBBC, the 86-year-old has pleaded guilty to one count of conspiracy to commit securities fraud and two counts of securities fraud.
”I knew that I was violating a legal duty not to make those recommendations because the nonpublic information had been entrusted to me in confidence. I knew at the time what I was doing was wrong, and I am so embarrassed and I apologize to the court for my conduct,” he told Judge Jessica G.L. Clarke.
These charges carry an overall maximum potential sentence of 45 years in prison, although he is likely to get far less time. Prosecutors will ask instead for him to serve between 1 1/2 -to two years in prison when he’s sentenced in March, said Nicholas Biase, lead spokesman for the US Attorney’s Office for the Southern District of New York.
In a statement, the businessman’s spokesman said, ”Today, Joe Lewis acknowledged his conduct in connection with several stock trades by individuals close to him. Mr. Lewis did not engage in improper trading in his accounts. His conduct should be viewed in the context of Mr. Lewis’ long life of accomplishment and integrity. Soon to be 87, Mr. Lewis is deeply sorry, embarrassed, and apologizes to the Court, his family, and all those who have come to rely on him.”
Notably, Mr Lewis was arrested in July 2023 for passing inside information on his portfolio companies to two of his private pilots as well as friends, personal assistants, and romantic partners. Prosecutors had alleged that between 2013 and 2021, he abused his access to corporate board rooms and passed confidential tips to his contacts, which enabled them to reap millions of dollars of profit.
He was charged by federal prosecutors with 16 counts of securities fraud and three counts of conspiracy. However, he got free on $300 million bail, with a yacht and private plane serving as collateral. He will not plead guilty to the other counts under the terms of his deal.
According to Forbes, Mr Lewis has a $6.1 billion fortune and assets in real estate, biotechnology, energy, agriculture and more. He is the principal owner of the private investment organization Tavistock Group, through which he owns Premier League soccer team Tottenham. Under his ownership, the Premier League club built a state-of-the-art stadium at an estimated cost of more than $1 billion.