Tottenham: Billionaire Joe Lewis surrenders on insider buying and selling prices
J
oe Lewis has surrendered to US authorities in New York and is anticipated to look in court docket on Wednesday to face insider buying and selling prices.
A spokesperson for the US Attorney’s workplace in Manhattan has confirmed the British billionaire turned himself in on Wednesday morning.
Lewis was indicted by New York prosecutors for “orchestrating a brazen insider trading scheme”. He has been charged with 16 counts of securities fraud and three counts of conspiracy.
The billionaire is alleged to have “abused his access to corporate board rooms and repeatedly provided inside information” so as to “shower gifts on his friends and lovers”.
A lawyer for Lewis mentioned charging the 86-year-old was an “egregious error in judgment”.
It is unclear whether or not the indictment could raise significant issues for Lewis and Tottenham.
The Premier League homeowners’ and administrators’ take a look at is designed to cease individuals with legal convictions proudly owning a membership. Lewis purchased a controlling stake in Tottenham from Alan Sugar for £22million in 2001.
But he ceased to be “a person with significant control” of Tottenham final yr, following what the membership described as a “reorganisation of the Lewis Family Trusts”, which maintain the shares in Spurs.
A Tottenham spokesperson mentioned: “This is a legal matter unconnected with the club and as such we have no comment.”
Lewis’s lawyer David M. Zornow mentioned in a press release to Standard Sport: “The authorities has made an egregious error in judgment in charging Mr. Lewis, an 86-year-old man of impeccable integrity and prodigious accomplishment. Mr. Lewis has come to the US voluntarily to reply these ill-conceived prices, and we are going to defend him vigorously in court docket.”