Renowned British billionaire and owner of Tottenham, Joe Lewis, found himself in legal trouble on Wednesday as he was arrested in New York to face insider trading charges, revealed US prosecutors.
The 86-year-old billionaire, who resides in the Bahamas, willingly surrendered and traveled to the United States to confront the accusations, as stated by his lawyer in a recent press release.
According to prosecutors, Lewis has allegedly been involved in a brazen and extensive scheme for years, providing privileged information to employees and romantic partners, leading to illicit gains amounting to millions of dollars.
Damian Williams, the Attorney for the Southern District of New York, announced the indictment of Lewis and two co-conspirators on Tuesday. The defendants were arrested and will be presented before the court, his office stated.
In response to the charges, David Zornow, Lewis’s attorney, strongly contested the accusations, criticizing the US government for a significant error in judgment. Zornow emphasized that Lewis willingly came to the US to face these charges and vowed to vigorously defend his client in court.
Prosecutors claim that Lewis abused his access to corporate boardrooms, repeatedly sharing confidential information with personal assistants, romantic partners, private pilots, and friends. These individuals then traded based on the insider information, resulting in substantial profits in the stock market.
Describing the scheme as “classic corporate corruption,” Williams alleged that Lewis used this method to compensate employees or offer gifts to friends.
Facing 16 counts of securities fraud, some of which carry a maximum prison sentence of 25 years, and three conspiracy counts with a maximum sentence of five years, Lewis’s legal predicament is significant.
His co-conspirators, Patrick O’Connor, 66, and Bryan Waugh, 64, who are pilots employed to fly Lewis’s private aircraft, were also implicated in the case.
Lewis, a reputed currency speculator of the 1980s and early 1990s, is reported to be one of Britain’s wealthiest individuals, with an estimated fortune of $6 billion. His holding company ENIC acquired a controlling stake in Tottenham in 2001 from former owner Alan Sugar, another prominent British tycoon.
