- Billionaire Pleaded Guilty to ‘Blatant’ Insider Trading and Conspiracy Charges
- Lewis, 87, had faced 18 to 24 months in prison under U.S. sentencing guidelines.
- DailyMail.com provides the latest international sports news.
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British billionaire and former Tottenham Hotspurs FC owner Joe Lewis avoided jail time when he appeared in a US court to face sentencing on insider trading charges in New York on Thursday.
Lewis, 87, pleaded guilty to “brazen” insider trading and conspiracy charges in January, and admitted to sharing inside secrets about publicly traded companies with several people.
Under US sentencing guidelines, Lewis, worth about $6.2 billion, faced between 18 months and two years behind bars, but escaped jail when Judge Jessica Clarke handed down a three-year sentence. probation and a $5 million fine after prosecutors asked for leniency.
Lewis, wearing an eye patch for a “serious condition” that his lawyers said required surgery in his native London, looked like the frail old man who both the prosecution and defense argued would not survive incarceration.
Judge Clarke said the offense was “undoubtedly serious” but that Lewis’s deteriorating health meant his life “would be at serious risk if he were imprisoned”.
Joe Lewis is seen wearing an eye patch. His lawyers argued that he would not survive imprisonment.
Lewis covers his face as he arrives at Manhattan Federal Court on Thursday.
His defense team told the court that the billionaire required surgery on his right eye.
The court fined Lewis’ company, Broad Bay, $44 million, bringing the total fine and restitution to $49 million.
As he sat addressing the judge, a visibly shaken Lewis acknowledged he had made a “terrible” mistake and said he was ashamed and vowed to use “whatever time I have left to make amends.”
“At a young age, I learned how precious life is,” Lewis said in a brief, stuttered statement to the court, acknowledging his childhood during the Blitz in London.
‘I made a terrible mistake. I broke the law. I am ashamed, I am sorry and I take responsibility. If Your Honor so wishes, I wish to use the time I have left to make peace and rebuild trust.
Prosecutor Jason Richmond argued that Lewis, a UK citizen living in the Bahamas, had committed “undeniably serious” and “calculated” crimes and that the case sent a message that “not even billionaires are above the law.” “.
However, he acknowledged the “unique situation” posed by the mitigating factors of Lewis’s age, his health and his voluntary surrender to US authorities, rather than fighting a lengthy extradition battle.
Lewis was arrested and charged in July 2023 with passing sensitive financial information to a variety of associates, including his girlfriend, his two pilots, and even a poker associate. The alleged offenses are said to have taken place between 2013 and 2021, when Lewis was the owner of the Spurs.
Lewis is seen in the stands at a Spurs game. He admitted to “blatant” insider trading in January.
In a brief, choppy statement, Lewis acknowledged he had made a “terrible” mistake.
He was released on $300 million bail secured by his luxury yacht and private plane.
Lewis was born and raised in the United Kingdom and turned his father’s catering business into a company selling luxury goods to American tourists, before turning to foreign exchange trading in the 1970s.
He moved to the Bahamas to avoid paying UK taxes and made millions betting against the pound sterling and the Mexican peso in the 1990s.
He eventually bought Premier League team Tottenham Hotspur, although he was removed as a “person of significant control” in 2022 after he handed it over to a family trust.