• Mon. Apr 22nd, 2024

Tottenham billionaire Joe Lewis surrenders to US authorities and expected in court

Bynewsmagzines

Jul 26, 2023
Tottenham billionaire Joe Lewis surrenders to US authorities and expected in court

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Tottenham billionaire Joe Lewis has surrendered himself to US authorities after being charged for insider trading.

Federal prosecutors indicted the British tycoon on Tuesday night and have accused him of giving up confidential business secrets to romantic partners, private pilots and friends.

Joe Lewis has been indicted on insider trading charges

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Joe Lewis has been indicted on insider trading chargesCredit: Getty

In doing so, they were able to buy and sell stocks and make millions as a result.

Prosecutors say that passing on such information manipulated the stock market.

And the 86-year-old has now given himself up to authorities in Manhatten after being charged with multiple counts of security fraud.

Some counts carries a maximum sentence of 25 years while the US Attorney’s office have released a statement.

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It read: “Joe Lewis self-surrendered this morning to federal authorities and is expected to be presented in Manhattan federal district court sometime today on criminal charges.

“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 on the stock market because – thanks to Lewis – those bets were a sure thing.”

Lewis ceded control of Tottenham in October 2022

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Lewis ceded control of Tottenham in October 2022Credit: Getty

Lewis ceded control of Tottenham in October 2022, though he could be disqualified of owning a Premier League club again if he is found guilty.

Companies House documents show that Lewis, who is worth just over £5billion, ceased to be a person with significant control.

Instead, members of his family now own 70.12 per cent of Enic Sports Inc, who own 86.58 per cent of Tottenham.

Lewis’ attorney David Zornow has insisted that his client is on the end of “ill-conceived charges”.

He said in a statement: “The government has made an egregious error in judgment in charging Mr. Lewis, an 86-year-old man of impeccable integrity and prodigious accomplishment.

“Mr Lewis has come to the US voluntarily to answer these ill-conceived charges, and we will defend him vigorously in court.”

The Premier League will not take action against Tottenham as they are satisfied with the club structure in place.

Having given up control last year, Daniel Levy now largely takes charge of the day-to-day running of the club.

Lewis placed club shares in a family trust last October after learning of the investigation from the US Justice Department.

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