Tottenham proprietor Joe Lewis indicted within the US for ‘brazen insider trading scheme’
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ritish billionaire and Tottenham Hotspur proprietor Joe Lewis has been indicted in New York for “orchestrating a brazen insider trading scheme”, a US legal professional mentioned.
Damian Williams, the US legal professional for the Southern District of New York, mentioned in a video launched by his workplace: “Today I’m announcing that my office, the Southern District of New York, has indicted Joe Lewis, the British billionaire, for orchestrating a brazen insider trading scheme.
“We allege that for years Joe Lewis abused his access to corporate boardrooms and repeatedly provided inside information to his romantic partners, his personal assistants, his private pilots and his friends.
“Those folks then traded on that inside information and made millions of dollars in the stock market, because thanks to Lewis those bets were a sure thing.”
Mr Williams described Lewis’s alleged behaviour as “classic corporate corruption”.
He mentioned: “Now, none of this was necessary. Joe Lewis is a wealthy man. But as we allege he used inside information as a way to compensate his employees or to shower gifts on his friends and lovers.
“That’s classic corporate corruption. It’s cheating, and it’s against the law. Laws that apply to everyone, no matter who you are.
“That’s why Joe Lewis has been indicted and will face justice 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 within the 2023 Sunday Times Rich List, with an estimated price 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 and Tavistock Group have been contacted for remark.