Joe Lewis, The Wealthy Owner Of Tottenham Hotspur, Has Been Charged With Insider Trading
Joe Lewis, the wealthy owner of Tottenham Hotspur, has been charged with insider trading.
Joe Lewis, a British billionaire and owner of Tottenham Hotspur, was charged with insider trading on Tuesday.
According to the Department of Justice, Lewis allegedly used his positions of authority to “repeatedly” share confidential company information with friends and “romantic partners” who then used that information to profit handsomely from stock trades.
Lewis was indicted “for orchestrating a brazen insider trading scheme,” according to Damian Williams, the U.S. attorney for the Southern District of New York, who claimed the billionaire provided insider information to “his romantic partners, his personal assistants, his private pilots, and his friends.”
Lewis was indicted in New York and is now facing more than a dozen accusations, including securities fraud and insider trading over eight years.
According to leading news agency, Lewis is accused of sharing information regarding businesses his investment firm, Tavistock Group, had stakes in, such as Solid Biosciences, Australian Agricultural Co., and Mirati Therapeutics.
A request for feedback from Tavistock Group did not receive a prompt response.
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Joe Lewis was a wealthy man, therefore none of this was required, Williams added.
However, as we allege, he exploited insider information to pay his staff or give gifts to his friends and girlfriends, or reward himself.
According to a leading news agency, Lewis is the most well-known investor to have faced prosecution from the office for insider trading this year.
Lewis is the billionaire’s proxy for ownership of the legendary Tottenham Hotspur football team in London thanks to the Tavistock Group, which has more than 200 assets spread over 13 nations.
Lewis also has assets in restaurants, upscale club resorts, and hotels. Additionally, he possesses a collection of artwork that features pieces by artists like Freud, Matisse, and Picasso.
Lewis’ Net Worth: Lewis’ net worth is estimated to be $6.1 billion, an increase of approximately $2 billion from 2020.
