British billionaire and Tottenham Hotspur owner Joe Lewis indicted in US for ‘brazen insider trading’

Joe Lewis, the UK billionaire and owner of Tottenham Hotspur, has been indicted in the US for what officers known as a “brazen” set of insider buying and selling schemes.

“He used inside info as a technique to compensate his workers or bathe presents on his buddies and lovers,” US Legal professional Damian Williams mentioned in a video assertion on Tuesday.

“That’s traditional company corruption,” he added. “It’s dishonest, and it’s towards the legislation.”

The Unbiased has contacted Tottenham Hotspur for remark, in addition to Tavistock Group, the funding agency based by Mr Lewis.

Officers mentioned Mr Lewis “abused his entry to company boardrooms” to share insider info with a spread of individuals together with buddies, private assistants, personal pilots, and romantic companions. Officers mentioned these associates then used this privileged info to make investments and reap unfair earnings.

The billionaire is charged with 16 counts of securities fraud and three counts of conspiracy, Reuters reports.

The businessman owns the Tavistock Group, which owns greater than 200 belongings throughout 13 nations, together with Tottenham Hotspur and UK pub operator Mitchells & Butlers, according to Sky News.

Mr Lewis, 86, is value an estimated $6.1bn and lives in the Bahamas, according to Forbes.

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