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British Billionaire Joe Lewis Files Guilty Plea With US SEC For Insider Tips

The Wall Street Journal today has reported that Joe Lewis has submitted a guilty plea to the charge of Securities Fraud and insider trading. He has been accused by prosecutors of giving tips to his romantic partners, pilots and personal assistants about his investments in companies.


Joe Lewis is 86 and owns the Tottenham Hotspur team, which is part of the English Premier League. He has pleaded guilty to three charges of felony out of the many charges levelled against him.


He will be sentenced on March 28 this year. It will be heard by a court in Manhattan. Lewis appeared frail and agreed to not appeal unless incarcerated. Lewis has said that he is ashamed and aware of his conduct. He apologized to the court.


The investment company owned by him, Broad Bay also filed a guilty plea to a count of securities fraud and 50 million will be paid in penalties and 5 years probation will be served.

Lewis is charged with 19 criminal counts by the US attorney's office, in Manhattan. He is accused of doing this as a way to gift his friends and employees. Lewis, who is the principal owner of Tavistock Group, the holding company tasked employees with passing on information as they were serving on different boards.


Joe Lewis came to the US to surrender voluntarily. He was released on a bond worth USD 300 million backed by his plane and yacht. The new senior management has slated for a compliance review and has retained a legal firm for it. Tottenham has said that the plea has nothing to do with it. It is owned by ENIC Sports which is under the control of a Lewis family trust.


He took confidential information from his invested companies from 2019 to 2021, says the indictment. He encouraged his near and dear ones to trade on that information. He also lent money to them to do it.


He gave them updates about clinical trial results of Mirati Therapeutics for cancer treatment from an employee of a biotech investment fund which he owned in the majority. He shared the tips on his plane and yacht with his girlfriends, pilots and employees who made millions.


Joe Lewis’s Tavistock Group owns more than 200 assets in 13 nations including a stake in UK pub operator Mitchells & Butlers, luxury club resorts, restaurants, hotels and an Australian agriculture firm. He has an extensive art collection with works of Picasso, Bacon, Matisse and Freud. Lewis has tried to hide his ownership of Mirati from 2013-18 alleged prosecutors and he made false statements to the SEC and gave misleading filings.


Bryan Waugh and Patrick O’ Connor, two of his pilots are facing insider trading charges. Both have filed a not-guilty plea. Civil charges from the SEC are also pending for Lewis.

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