On Tuesday, a federal prosecutor revealed that British billionaire Joe Lewis, known as the owner of the Tottenham Hotspur soccer team, has been charged in the United States for his involvement in an alleged insider trading scheme.
As per Forbes estimates, Joe Lewis’s net worth stands at $6.1 billion. He is the founder of the private investment firm Tavistock Group and has been a majority owner of London-based Tottenham for over two decades, having acquired a majority stake from Alan Sugar for approximately $50 million in today’s equivalent value.
According to the indictment by the Southern District of New York, the 86-year-old businessman is accused of exploiting his access to corporate boardrooms over an extended period. He allegedly provided confidential information to several individuals, including romantic partners, personal assistants, private pilots, and friends. U.S. Attorney Damian Williams stated in a video message that Lewis orchestrated what he called “a brazen insider trading scheme.”
Also read: The SEC Charges Akon, Jake Paul, Lindsay Lohan and Other Celebrities for Promoting Crypto
Williams further emphasized that despite Joe Lewis’s wealth, the alleged misuse of insider information to compensate employees or bestow gifts on acquaintances constitutes a classic case of corporate corruption. He asserted that such actions are cheating and unlawful, applying to everyone, regardless of their status.
In response to the charges, Joe Lewis’s lawyer, David M. Zornow, strongly refuted the allegations, stating that the government had made a grave error in judgment. Zornow described Lewis as a man of “impeccable integrity and prodigious accomplishment.” He affirmed that Lewis voluntarily came to the U.S. to address the charges and vowed to vigorously defend him in court.
