Joe Lewis: Insider trading rules breached by one of the wealthiest individuals in Britain

sikapa 4 weeks ago

After entering a guilty plea to insider trading on Thursday, billionaire Joe Lewis—whose family trust owns the Tottenham Hotspur football team—was fined $5 million (£4 million), although he will not go to jail.

Joe Lewis: Insider trading rules breached by one of the wealthiest individuals in Britain
Joe Lewis: Insider trading rules breached by one of the wealthiest individuals in Britain

This is the tale of how his scheme to enrich himself and his friends and staff fell apart.

The pilot emailed a pal with a hot tip shortly after landing in Orlando, saying, “Boss is helping us out.
“The helping hand was a half-million-dollar loan, and the “boss” he was talking about was British tycoon Joe Lewis. It also included some meaty investing advice: invest in a pharmaceutical business that was set to release encouraging results for a novel cancer treatment.The pilot texted again two weeks later, this time mentioning that “the boss has inside info” and “knows the outcome.”

His prediction came true—the company’s stock price increased by over 16%. The pilot made his money back from the “Boss.”

However, there was a major glitch. The entire plan was against the law.

In January, Lewis, who is 87 years old and one of the richest men in Britain, entered into a plea agreement with authorities, admitting to insider trading.
He avoided going to jail when he was sentenced to three years of probation and fined $5 million (£4 million) during a hearing on Thursday in Manhattan. Lewis wore an eye patch when he showed up in court.Lewis pleaded guilty, cooperated with the authorities, and was in terrible condition, but both the defense and the prosecution recommended leniency in the case, despite federal guidelines calling for a sentence of between 18 months and two years in prison.

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Although his acts were “serious” and “strike at the integrity of our markets,” Judge Jessica Clarke ruled that his situation did not justify incarceration.

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