British billionaire and Tottenham Hotspur owner Joe Lewis has been indicted in New York for “orchestrating a brazen insider trading scheme”, a US lawyer mentioned.
Damian Williams, the US lawyer for the Southern District of New York, mentioned in a video launched by his workplace: “Immediately I’m asserting that my workplace, the Southern District of New York, has indicted Joe Lewis, a British billionaire, for orchestrating a brazen insider trading scheme.
“We allege that for years Joe Lewis abused his entry to company boardrooms and repeatedly supplied inside data to his romantic companions, his private assistants, his non-public pilots and his buddies.
“These of us then traded on that inside data and made tens of millions of {dollars} in the inventory market, as a result of because of Lewis these bets have been a certain factor.”
Mr Williams described Lewis’s behaviour as “traditional company corruption”.
He mentioned: “Now, none of this was crucial. Joe Lewis is a rich man. However as we allege he used inside data as a method to compensate him staff or to bathe presents on his buddies and lovers.
“That’s traditional company corruption. It’s dishonest, and it’s in opposition to the regulation. Legal guidelines that apply to everybody, regardless of who you’re.
“That’s why Joe Lewis has been indicted and can face justice right here in the Southern District of New York.”
Lewis, 86, is the founder and first investor of Bahamas-based funding agency Tavistock Group.
He was ranked thirty ninth in the 2023 Sunday Instances Wealthy Listing, with an estimated value of greater than £5 billion.
He purchased a controlling stake in Tottenham from Sir Alan Sugar in 2001 for £22 million.
The Premier League membership has been contacted for remark.
