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Former Tottenham Hotspur owner Joe Lewis has avoided prison in an insider trading case. According to ESPN, British billionaire and former Tottenham Hotspur owner Joe Lewis, whose family trust controls the Premier League club, has avoided imprisonment after pleading guilty to insider trading. On the site Mostbet Azərbaycan you can bet on different sports: there is a large selection of events with good odds.
More about the crime: what is the billionaire accused of?
In court documents, prosecutors claim that Lewis obtained confidential information about public companies before making significant investments. They state that on at least four occasions, he disclosed this information to his girlfriend, personal pilots, employees, and friends, enabling them to profit from it.
The prosecution alleged that insider activity could have stemmed from “arrogance, ego, a desire to make a financial gift without parting with his own money, irrational greed, or for some other reason. It’s clear that Lewis considered himself above the law – that he had reached a level of wealth and status that exempted him from needing to abide by the same rules applied to ordinary investors.”
After his arrest less than a year ago, he was released on $300 million bail and also parted ways with his yacht and private jet. Under US laws, Lewis, a British citizen and resident of the Bahamas, could have faced imprisonment from 18 months to two years. However, the New York court replaced the prison sentence with three years of probation and a fine of $5 million. In its ruling, the court cited Lewis’s voluntary decision to come to the United States to face charges, his deteriorating health, and his lifelong charitable work.
Prosecutors wrote in their submission that Lewis deserves leniency because of his advanced age and “serious health issues” that would make imprisonment more difficult for him than for others. They referenced his heartfelt admission, demonstrated by voluntarily surrendering, and stated that otherwise, he “led a law-abiding life.”
The 87-year-old Lewis wore an eye patch, and one hand trembled throughout the entire hour-long hearing. Before the sentencing, Lewis spoke briefly, saying that having grown up in England during World War II, he understood how “precious” life is and decided to dedicate much of it to seeking cures for “dreadful diseases.” The defendant expressed hope to “redeem his guilt and restore the trust he squandered.” “Your Honor, I am here today because I made a terrible mistake. I am ashamed,” he said.
In January, Lewis admitted that in 2019, he agreed to share secrets about publicly traded companies with several individuals. Following this, prosecutors announced that his company, Broad Bay Limited, and Lewis would pay $50 million, marking the largest fine for insider trading in the past decade.
Lewis is in the top 500 Forbes list in the world
Joe Lewis ranks among the 500 wealthiest individuals globally, with an estimated fortune of around $6.2 billion as of February 2024, which includes homes in multiple countries, a $250 million yacht, $90 million private jets, and a $100 million art collection.
Lewis was stripped of his status as a “person with significant control” over Tottenham Hotspur in October 2022, after which club management was transferred to the family trust. The club’s activities are overseen by the chairman of the board Daniel Levy.
