Tottenham billionaire owner charged with insider trading
US authorities charged Tottenham Hotspur owner Joe Lewis with insider trading accusations on Tuesday night.
US attorney Damian Williams stated the accusations in a video released to the social media website X (previously Twitter). “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 access to corporate board rooms and repeatedly provided inside information to his romantic partners, his personal assistants, his pilots, and his friends. Those folks then traded on that inside information and made millions of dollars on the stock market. Thanks to Lewis those bets were a sure thing.”
What did Tottenham exec Joe Lewis allegedly do with insider trading?
Bloomberg published more specifics on the indictment. It says Lewis gave each of his pilots a loan of $500,000 to trade the shares of a biotech business. This was just before public disclosure of the findings of a clinical study. They are also accused of using stolen data to earn millions.
There are a total of sixteen charges of securities fraud and three counts of conspiracy against Lewis. He faces suspicion of disclosing confidential information about many firms between 2019 and 2021. For example, those include the Australian Agricultural Co., Mirati Therapeutics and Solid Biosciences.
The indictment also claims Lewis shared insider information with friends and colleagues. This knowledge contained information about when to purchase and sell shares based on information he received as a board member.
Spurs refuse to comment
Lewis founded private equity firm Tavistock Group, which invests in over 200 firms across 13 countries and also has a controlling stake in the Premier League sports side Tottenham Hotspur. In 2001, he paid $28 million to acquire the club from Sir Alan Sugar.
“This is a legal matter unconnected to the club and as such we have no comment,” a representative for Spurs stated in a statement.
PHOTO: IMAGO / PA Images