British billionaire Joe Lewis indicted on insider trading charges

[Eugene]

Source: CNN

British billionaire Joe Lewis indicted on insider trading charges

By Samantha Delouya, CNN
Published 9:57 PM EDT, Tue July 25, 2023

(CNN) — British billionaire and owner of the Tottenham Hotspur football club Joe Lewis was indicted on insider trading charges by the United States Attorney’s Office for the Southern District of New York, the office announced Tuesday.

In a video posted to social media, US Attorney Damian Williams accused Lewis of orchestrating a “brazen insider trading scheme” between 2013 and 2021, passing confidential trading tips to his “romantic partners, his personal assistants, his private pilots, and his friends,” helping them make millions of dollars.

“Joe Lewis is a wealthy man, But as we allege he used insider information as a way to compensate his employees or to shower gifts on his friends and lovers.”

In one instance, the Southern District’s indictment, first obtained by Bloomberg, alleges that Lewis loaned his pilots each $500,000 so they could trade a biotech company’s stock before a public announcement was made about the results of a clinical trial.

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Read more: https://edition.cnn.com/2023/07/25/business/tottenham-hotspur-owner-joe-lewis-charged-insider-trading/index.html

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[Hugh_Lebowski]

1. So, where does he live now?

If not the US, think he'll be extradited to face these charges?

And if convicted, how much time do you reckon he'll serve?

[Eugene]

2. He can be extradited, but he's also 86 years old.

The indictment has 18 counts of securities fraud. In principle, he can go to prison.

If he fights extradition, it can take a very long time.

[Princess Turandot]

3. According to the article, he's already in the US to 'answer the charges' (per his attorney)...

He's 86 though. The legal proceedings might outlast him.

Lewis is the majority owner of the Premier League football team, Tottenham Hotspur, and the founder of private equity company Tavistock Group, which invests in more than 200 companies across 13 countries, according to its website.

David M. Zornow, who is counsel to Lewis, 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.”