Joe Lewis, Owner of Tottenham Hotspur, Indicted for Insider Trading Scheme
Joe Lewis, the British billionaire owner of Tottenham Hotspur, has been indicted for orchestrating a “brazen” insider trading scheme, according to the US attorney in Manhattan. The indictment alleges that Lewis abused his access to corporate boardrooms and provided inside information to his romantic partners, personal assistants, pilots, and friends. These individuals then traded on the inside information, making millions of dollars on the stock market.
The US attorney, Damian Williams, announced the indictment in a video posted on messaging platform X (formerly known as Twitter). He stated that Lewis used insider information to compensate his employees and shower gifts on his friends and lovers, which he described as classic corporate corruption and against the law.
David Zornow, Mr. Lewis’s lawyer, responded to the charges, stating that the government had made an “egregious error in judgment” in charging Lewis, an 86-year-old man of impeccable integrity and prodigious accomplishment. Zornow added that Lewis had voluntarily come to the US to answer the charges, which would be vigorously defended in court.
Joe Lewis’s Background and Wealth
Joe Lewis owns the Tavistock Group, which has more than 200 assets across 13 countries. Through the Tavistock Group, Lewis owns Tottenham Hotspur and the UK pub operator Mitchells & Butlers. According to Forbes, his wealth is estimated at £4.65bn.
Lewis purchased a controlling stake in Tottenham Hotspur from Alan Sugar for £22m in 2001. Since then, he has transformed the premier league club. However, Lewis now resides in the Bahamas, a far cry from his humble beginnings in London’s East End.
Joe Lewis was born into a Jewish family above a pub in Roman Road, Bow. He left school at the age of 15 to assist in running his father’s West End catering business, Tavistock Banqueting. In 1979, he sold the business, which laid the foundation for his initial fortune. Lewis then ventured into currency trading.
In 1992, Lewis allegedly collaborated with American billionaire George Soros to bet against the pound in the European Exchange Rate Mechanism (EERM). This move, known as Black Wednesday, caused the pound to plummet and forced the British government to withdraw from the EERM.
Despite his success and wealth, Joe Lewis now faces serious legal charges related to insider trading. The case will be closely watched as it unfolds in court.
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