Report: Former Tottenham owner Joe Lewis avoids jail over insider trading
Former Tottenham Hotspur majority owner Joe Lewis has avoided a jail sentence after admitting he orchestrated an insider trading scheme a few years ago, Sky...
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Former Tottenham Hotspur majority owner Joe Lewis has avoided a jail sentence after admitting he orchestrated an insider trading scheme a few years ago, Sky News have revealed.
Back in July of last year, Lewis was charged with multiple counts of insider trading by American authorities, with the Bahamas-based Billionaire indicted for passing information to ‘romantic partners and his private pilots’ (The Athletic).
Prior to the inditement, Lewis transferred control of Spurs and some of his other assets to Lewis Family Trusts last year, ensuring that the charge would not have any bearing on the North London club (Telegraph).
Joe Lewis will not serve jail time
Sky News have now explained that Lewis confessed to tipping off his girlfriend, friends, and two of his private pilots with inside information on four publicly-traded companies, which they used to make millions.
The 87-year-old did this between 2019 and 2021, and he pleaded guilty to one count of conspiracy to commit securities fraud and two counts of securities fraud.
However, the prosecutors allegedly argued that he deserved leniency because of his age, poor health and his willingness to face the charges rather than force an extradition battle.
As a result, Lewis has avoided jail time and was instead sentenced to three years of probation and fined $5m (£4m).
Spurs Web Opinion
While the result of the court hearing would not have any legal impact on Tottenham, the club’s brand image would have taken a hit if Lewis had served jail time. Daniel Levy and co will thus be quite relieved with the outcome of the hearing.
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