Joe Lewis’s superyacht Aviva was spotted in London in 2018.He had access to boardroom secrets because of his position in the financial industry, and prosecutors claim that he had been tipping off accomplices for years so they could profit from a scheme that brought in millions of dollars.His criminal goodwill also extended to romantic partners in addition to pilots and crew members aboard his yacht.Tavistock had invested in a firm named Solid Biosciences, which was in need of additional funding in July 2019. Lewis was provided with private information regarding a clinical trial while he was weighing the deal.At the time, he was staying with his girlfriend in South Korea, and he advised her to invest heavily in the business. She made an approximately $700,000 investment.
The couple took a private plane back to the US the next day. Lewis gave his pilots his exclusive tip along the way.
Shares of the corporation surged as soon as the clinical trial’s results were made public. Lewis’s partner increased her wealth by over double.Prosecutors claimed that the fraud extended beyond insider trading. Beginning in 2013, Lewis hid the actual number of shares he owned in firms to get favorable conditions for stock transactions.O’Connor, his pilot, entered a guilty plea to insider trading charges and is scheduled to be sentenced in May.
Bryan Waugh, another pilot, entered a not guilty plea and is scheduled to go on trial later this year. In court documents, his attorneys have maintained that he was unaware that the data he obtained from Lewis was private and not available to the general public.
Joe Lewis: Insider trading rules breached by one of the wealthiest individuals in Britain
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