British billionaire Joe Lewis indicted on insider trading charges [View all]

Source: CNN

British billionaire Joe Lewis indicted on insider trading charges

By Samantha Delouya, CNN
Published 9:57 PM EDT, Tue July 25, 2023

(CNN) — British billionaire and owner of the Tottenham Hotspur football club Joe Lewis was indicted on insider trading charges by the United States Attorney’s Office for the Southern District of New York, the office announced Tuesday.

In a video posted to social media, US Attorney Damian Williams accused Lewis of orchestrating a “brazen insider trading scheme” between 2013 and 2021, passing confidential trading tips to his “romantic partners, his personal assistants, his private pilots, and his friends,” helping them make millions of dollars.

“Joe Lewis is a wealthy man, But as we allege he used insider information as a way to compensate his employees or to shower gifts on his friends and lovers.”

In one instance, the Southern District’s indictment, first obtained by Bloomberg, alleges that Lewis loaned his pilots each $500,000 so they could trade a biotech company’s stock before a public announcement was made about the results of a clinical trial.

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Read more: https://edition.cnn.com/2023/07/25/business/tottenham-hotspur-owner-joe-lewis-charged-insider-trading/index.html

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