Joe Lewis, a British billionaire and the owner of Tottenham Hotspur football club, has been accused of insider trading by the United States Attorney's Office for the Southern District of New York. The indictment was announced on Tuesday, and US Attorney Damian Williams described Lewis's actions as a "brazen insider trading scheme" that took place over the period from 2013 to 2021. According to the allegations, Lewis shared confidential trading tips with his romantic partners, personal assistants, private pilots, and friends, enabling them to make millions of dollars.
Williams stated that despite Joe Lewis's wealth, he allegedly used insider information to compensate his employees or shower gifts on his friends and lovers. The indictment revealed a specific instance where Lewis reportedly loaned $500,000 to his pilots so they could trade a biotech company's stock before the results of a clinical trial were publicly announced. On other occasions, Lewis allegedly urged his personal assistants and romantic partners to act quickly on the information he provided, encouraging them to trade based on insider knowledge.
Joe Lewis is not only known as the majority owner of the Premier League football team, Tottenham Hotspur, but also as the founder of Tavistock Group, a private equity company that invests in over 200 companies across 13 countries, as stated on its website.
In response to the indictment, David M. Zornow, counsel to Joe Lewis, strongly refuted the charges, emphasizing Lewis's impeccable integrity and significant achievements. Zornow stated that Lewis had voluntarily come to the US to address the charges and would vigorously defend himself in court.
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A spokesperson for Tottenham Hotspur mentioned that the legal matter surrounding Joe Lewis is unrelated to the football club, and hence, the club had no comment on the situation. On the other hand, Tavistock Group did not respond to requests for comments on the matter.
The indictment marks a significant development in the ongoing investigation, and legal proceedings will likely unfold as Joe Lewis faces the insider trading charges. The accusations have raised concerns about the alleged misuse of privileged information for personal gains and could have serious implications for Lewis's business ventures and reputation. As the case progresses, further details may emerge regarding the specific instances of insider trading and the evidence presented by the prosecution. For now, the world awaits the outcome of the legal battle that lies ahead for the British billionaire.
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