Joe Lewis, Owner of Tottenham Hotspur, Charged with Insider Trading in the US
Joe Lewis, a billionaire known for owning Tottenham Hotspur soccer club and investing in Ladbrokes gaming operator, is in hot water due to a major scandal in the US involving insider trading accusations. The Attorney General’s Office (AGO) of the Southern District of New York has levied charges against Lewis for allegedly providing confidential information to his employees and partners over the years, creating a blatant plan for profiting through illegal insider trading.
Bloomberg revealed that Lewis gave away privileged information as compensation or gifts and described the scheme as a fine example of corporate corruption. He's currently facing 19 charges, including securities fraud, conspiracy to commit securities fraud, and making false statements.
According to the AGO, Lewis utilized his access to corporate boardrooms and gained valuable information, which he shared with a wide range of people, including romantic partners, assistants, friends, and even business associates. This unethical behavior allowed these individuals to trade on different stock markets, with the promise of making significant earnings.
Lewis' Tavistock Group boasts ownership of over 200 global companies, according to their website. This extensive network supposedly enabled him to secure top-level appointments within these companies, granting him access to classified data. That data was then shared with a chosen group of individuals to generate millions in guaranteed returns.
For instance, a pair of his pilots were loaned $500K each to buy shares in a pharmaceutical company that conducted promising tests but had not made their findings public. This timing allowed the pilots and other individuals, including a personal assistant, "poker partner," and others, to purchase stocks at a predetermined advantage.
His girlfriend and other affluent individuals also earned money from the insider information breech. The indictment highlighted that his girlfriend made a profit of $850K after acquiring stock in a biotech company connected to Lewis.
A man of immense wealth, Lewis resides in the Bahamas despite his business focus remaining on global activities. With a net worth of $6.1 billion (Forbes), he's invested in various industries and assets. In 2001, he acquired Tottenham Hotspur for around $28.3 million, and in 2008 bought a 7% stake in Ladbrokes (The Times). His income tax avoidance strategy saw him relocate to the Caribbean islands in 1979.
Lewis has been associated with George Soros and is pursuing a legal defense. His lawyer claims the AGO made a drastic error in judgment, asserting they will "defend (him) vigorously in court."
Sanctions for securities and commodities fraud can result in up to 25 years in prison and fines in the US. While Lewis' punishment can't be predicted if he's found guilty, he's traveling to the US to respond to the accusations.
Tottenham officials have not issued any comments in response to the situation.
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Source: www.casino.org
