Joe Lewis: Insider trading rules breached by one of the wealthiest individuals in Britain
Lewis argued in court that he discovered early in life how valuable life is, citing his early years spent in London during the Blitz. I made a very bad error. I disobeyed the law. I hold myself accountable, and I am sad and humiliated.“One of Lewis’s businesses, Broad Bay Ltd., also entered into a plea agreement, as part of which it admitted to securities fraud and agreed to pay a $44 million (£34.8 million) fine.An accusation states that a significant portion of his fraudulent behavior was not intended to increase his estimated net worth of $6.2 billion (£4.9 billion).Rather, the episode involving his pilot, Patrick O’Connor, was merely one of several instances in which he enriched his close acquaintances by disclosing insider knowledge about his firms to his friends, personal aides, sexual partners, and private pilots.The billionaire said in court during the time of his guilty plea that he felt horrible about never having formal retirement arrangements for his pilots, which is part of the reason he came up with the idea.
Lewis, who was up in the East End of London, took over his father’s restaurant company before selling it to concentrate on investments and currency speculation.Before the UK’s exit from the European Exchange Rate Mechanism in September 1992, known as “Black Wednesday,” he was allegedly one of the investors who earned money by placing large bets against the pound.He established the Tavistock Group, an investment firm with holdings in a wide range of real estate, sports, financial, energy, and life sciences businesses.
Lewis, who came in at number 39 on the 2023 Sunday Times Rich List, is most renowned for being the owner of Tottenham Hotspur Football Club, which he acquired for £22 million in 2001, which was almost $32 million at the time.
Lewis no longer has “significant control” over the club, according to financial documents the club submitted with the UK’s Companies House. In 2022, control was transferred to a family trust.
His present wealth consists of a large art collection, properties across numerous nations, and a $250 million (£200 million) boat that he used to pay for a bail bond upon his arrest in July 2023.
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