Joe Lewis, the owner of Tottenham Hotspur, has been charged with orchestrating a brazen insider trading scheme, according to US attorney Damian Williams.
In a video announcement, Williams accused the British billionaire of using inside information to shower gifts on his friends and lovers. Lewis has been indicted and will face justice in the Southern District of New York (SDNY).
In response to the charges, Lewis’s lawyer, David Zornow, called the decision to charge him an egregious error in judgment. Zornow stated that the 86-year-old had voluntarily come to the US to defend himself against the ill-conceived charges.
The allegations against Lewis were detailed in the video statement posted on Williams’ Twitter, though a formal written statement (indictment) has yet to be released. According to Williams, Lewis abused his access to corporate boardrooms, providing inside information to his acquaintances, including romantic partners, personal assistants, private pilots, and friends. These acquaintances allegedly used the information to make millions of dollars in the stock market.
Williams asserted that, thanks to Lewis, the bets made by his acquaintances were a sure thing, leading to significant gains in the stock market.
Joe Lewis, one of Britain’s wealthiest individuals, owns numerous assets, including the Premier League club Tottenham Hotspur, which he purchased in 2001 for £22 million. He also holds a stake in the UK pub chain Mitchells & Butlers. In the 2023 Sunday Times Rich List, Lewis was ranked 39th, with an estimated net worth exceeding £5 billion.
Tottenham Hotspur released a statement clarifying that the legal matter is unconnected with the club and that they have no comment on the ongoing case. The charges against Joe Lewis have garnered significant attention, and further developments will be closely monitored both in the UK and the US.
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