British billionaire pleads guilty to insider trading
NEW YORK — British billionaire Joe Lewis, whose family trust owns the Tottenham Hotspur soccer club, pleaded guilty Wednesday to insider trading and conspiracy charges in New York, saying he knew that sharing nonpublic information about publicly traded companies was wrong and that his crimes have left him “so embarrassed.”
The 86-year-old businessman entered the plea in Manhattan federal court six months after he was charged in the case. He had been free on $300 million bail, with a yacht and private plane serving as collateral.
He told Judge Jessica G.L. Clarke that he agreed in 2019 to share secrets he knew about publicly traded companies with two other people who bought stock in those companies. He said he shared confidential tips with another person in July and September of the same year and that individual bought stocks in the companies.
“I knew that I was violating a legal duty not to make those recommendations because the nonpublic information had been entrusted to me in confidence,” he said. “I knew at the time what I was doing was wrong, and I am so embarrassed and I apologize to the court for my conduct.”
Lewis did not speak as he left court, and he was shielded from photographers by his aides, a lawyer and an umbrella.
U.S. Attorney Damian Williams said the plea deal includes the largest financial penalty for insider trading in a decade.
A guilty plea was also entered for Broad Bay Limited, which Lewis owns. The company and Lewis will pay more than $50 million in financial penalties, the prosecutor said in a release.
“Today’s guilty pleas once again confirm — as I said in announcing the charges against Joseph Lewis just six months ago — the law applies to everyone, no matter who you are or how much wealth you have,” Williams said.
He said Lewis abused inside information he gathered from corporate boardrooms to tip off his friends, employees and romantic interests.
Federal sentencing guidelines call for a prison sentence of between 18 and 24 months, though Lewis can seek less than that. His sentencing hearing is scheduled for March 28.