Tottenham owner Joe Lewis has been indicted for allegedly orchestrating an insider trading scheme. The US Attorney claims that Lewis used insider information to reward his employees and lavish gifts upon his friends and lovers. Lewis intends to vigorously defend himself against these charges.
Joe Lewis, the owner of Tottenham Hotspur, has been indicted for orchestrating an insider trading scheme, according to the US attorney in Manhattan.
Damian Williams, the US attorney for the Southern District of New York, made an announcement on messaging platform X (formerly Twitter) regarding the indictment of British billionaire Joe Lewis. Lewis has been accused of orchestrating an audacious insider trading scheme.
Joe Lewis is accused of abusing his access to corporate board rooms by providing inside information to his romantic partners, personal assistants, pilots, and friends for many years.
Lewis enabled individuals to profit significantly by executing trades based on insider information, resulting in substantial financial gains.
“None of this was necessary. Joe Lewis is a wealthy man, but as we allege he used insider information to compensate his employees, or to shower gifts on his friends and lovers.
“That’s classic corporate corruption. It’s cheating and it’s against the law.”
Mr Lewis’ lawyer, David Zornow, said the government had “made an egregious error in judgment in charging Mr Lewis, an 86-year-old man of impeccable integrity and prodigious accomplishment”.
He added that Mr Lewis had come to the US voluntarily to answer the “ill-conceived” charges which would be “defended vigorously in court”.
A Tottenham club spokesperson said: “This is a legal matter unconnected with the club and as such we have no comment.”
Lewis and his associates have been indicted on multiple charges, including securities fraud and conspiracy, for allegedly using stolen information to make millions of dollars.
Lewis is accused of sharing confidential information about various companies between 2019 and 2021, including Australian Agricultural Co., Mirati Therapeutics, and Solid Biosciences.
The indictment accuses Lewis of using insider information as a board member to provide tips for buying and selling shares to friends and associates.
Lewis’s girlfriend allegedly purchased $700,000 of shares in Solid Biosciences after being informed about the results of a clinical trial, as stated in a 2019 indictment.
Lewis was accused of advising two pilots to sell their shares in Australian Agricultural Co. due to flooding in Queensland. One of the pilots expressed frustration that Lewis did not provide an earlier heads up.
In October 2019, Lewis lent $1 million to two pilots to purchase Mirati shares. After the announcement of positive clinical trial results, the share price increased by 16.7%. One of the pilots mentioned in a text message that Lewis had provided them with $500,000 for the investment.
Lewis is accused of conspiring to defraud Mirati, the US Securities and Exchange Commission, and investors between 2013 and 2018 by concealing his stake in Mirati through the use of shell companies and other methods.
World of sports 
Leave a comment