British billionaire and Tottenham Hotspur owner Joe Lewis has been indicted in New York for “orchestrating a brazen insider trading scheme”, a US attorney said.
Damian Williams, the US attorney for the Southern District of New York, said in a video released by his office: “Today I’m announcing that my office, the Southern District of New York, has indicted Joe Lewis, the British billionaire, for orchestrating a brazen insider trading scheme.
“We allege that for years Joe Lewis abused his access to corporate boardrooms and repeatedly provided inside information to his romantic partners, his personal assistants, his private pilots and his friends.
“Those folks then traded on that inside information and made millions of dollars in the stock market, because thanks to Lewis those bets were a sure thing.”
Statement of U.S. Attorney Damian Williams on U.S. v. Joseph Lewis pic.twitter.com/9rGTTYVx6h
— US Attorney SDNY (@SDNYnews) July 25, 2023
Mr Williams described Lewis’s alleged behaviour as “classic corporate corruption”.
He said: “Now, none of this was necessary. Joe Lewis is a wealthy man. But as we allege he used inside information as a way 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. Laws that apply to everyone, no matter who you are.
“That’s why Joe Lewis has been indicted and will face justice here in the Southern District of New York.”
Lewis, 86, is the founder and primary investor of Bahamas-based investment firm Tavistock Group.
He was ranked 39th in the 2023 Sunday Times Rich List, with an estimated worth of more than £5 billion.
He bought a controlling stake in Tottenham from Sir Alan Sugar in 2001 for £22 million.
The Premier League club and Tavistock Group have been contacted for comment.
Written by John Besley, PA.
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