British billionaire Joe Lewis pleads guilty to insider buying and selling, securities fraud

British billionaire and Tottenham Hotspur proprietor Joe Lewis exits the United States Courthouse in Manhattan, following his look on insider buying and selling expenses, in New York City, U.S., July 26, 2023. 

Amr Alfiky | Reuters

British billionaire Joseph Lewis pleaded guilty Wednesday in New York federal court docket to securities fraud associated to insider buying and selling.

Lewis’ firm, Broad Bay Ltd., additionally pleaded guilty in the identical continuing to collaborating in a scheme to disguise his possession of shares of a pharmaceutical firm by making false filings and deceptive monetary statements.

Broad Bay can pay $50 million in penalties as a part of its plea.

“Lewis abused inside data he gained by way of his entry to company boardrooms to tip off his mates, workers, and romantic pursuits,” mentioned Manhattan U.S. Attorney Damian Williams. “Now, he can pay the value with a federal conviction, the prospect of time in jail, and the most important monetary penalty for insider buying and selling in a decade.”

Lewis, 86, faces a most doable sentence of 20 years in jail on the fees he pleaded guilty to in U.S. District Court in Manhattan: one rely of conspiracy to commit securities fraud, and two counts of securities fraud.

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Lewis is the principal proprietor of the personal funding group Tavistock Group, and thru a household belief controls a majority possession stake within the English Premier League soccer staff Tottenham Hotspur.

“Today’s guilty pleas as soon as once more verify — as I mentioned in asserting the fees towards Joseph Lewis simply six months in the past – the regulation applies to everybody, irrespective of who you’re or how a lot wealth you may have,” mentioned Williams, whose workplace prosecuted Lewis.

This is breaking information. Check again for updates.

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