Joe Lewis, ex-owner of Tottenham, admits guilt in insider trading case and expresses embarrassment
Joe Lewis, the billionaire whose family owns a majority stake in Tottenham, has pleaded guilty to passing inside information to his private pilots and girlfriend. This comes after initially pleading not guilty to 19 counts of insider trading and conspiracy. The 86-year-old admitted one charge of conspiracy to commit securities fraud and two counts of securities fraud in a New York courtroom.
Lewis had been accused of passing on tips about companies to friends, romantic partners, and private pilots, allegedly helping them make millions of dollars in profits. He is due to be sentenced in March for his alleged crimes taking place between 2013 and 2021. In court, Lewis expressed his embarrassment and admitted knowing that what he did was wrong.
His lawyer stated that Lewis will have the right to appeal if he is sentenced to prison time as part of his deal with US authorities. Lewis surrendered to the FBI and was released on a £235 million bond secured by his superyacht and personal aircraft. His private pilots, Patrick O’Connor and Bryan Waugh, who were also charged, face seven counts of securities fraud and one count of conspiracy.
Lewis holds a number of assets through his Tavistock Group investment portfolio, including ownership of ENIC, which purchased a controlling stake in Tottenham in 2001. The ownership of ENIC was passed to the Lewis Family Discretionary Trust last October, and Lewis is not a beneficiary, thereby not falling under Premier League rules barring owners who face criminal investigations. In response to the charges, Tottenham issued a statement describing the scandal as a ‘legal matter unconnected with the club’.
