British billionaire and owner of the Tottenham soccer team, Joe Lewis, has been indicted by U.S. prosecutors for allegedly providing confidential stock tips to his partners, private pilots, and close friends. Prosecutors claim that Lewis used his connections to various companies to gain access to valuable insider information, which he then shared with his inner circle and encouraged them to trade on. These illicit stock transactions reportedly made millions of dollars for Lewis and his associates.
In a Twitter video announcing the insider trading case, Manhattan-based U.S. attorney Damian Williams stated, “As we allege, he used insider information as a way to compensate his employees and shower gifts on his friends and lovers. It’s cheating, and it’s against the law.”
Lewis’ attorney, David M. Zornow, vehemently denied the charges, stating that Lewis, an 86-year-old man with impeccable integrity and remarkable achievements, would vigorously fight against these baseless accusations.
With an estimated fortune of $6.1 billion, Lewis has diversified investments ranging from real estate to biotechnology, energy, agriculture, and sports. He acquired Tottenham, a renowned English soccer club, in 2001. Lewis’ Tavistock Group holds stakes in over 200 companies globally, and his art collection includes masterpieces by Picasso, Matisse, Degas, and others. His business connections extend to influential figures like Tiger Woods, Ernie Els, and Justin Timberlake, with whom he collaborated on the development of a luxury resort in the Bahamas.
According to the indictment, Lewis used his significant investments in various companies to secure board seats and appoint associates who would share insider knowledge with him. Prosecutors allege that from 2019 to 2021, Lewis improperly disclosed confidential information to his chosen recipients and encouraged them to profit from it.
One instance mentioned in the indictment involves Lewis loaning $500,000 to each of his private pilots to purchase shares in a cancer-drug company that had promising, yet undisclosed, results from a clinical trial. Lewis’ pilot texted a friend, referring to Lewis as the “Boss” and openly acknowledging his possession of inside information. After the company announced the trial results, the stock price soared by nearly 17%, enabling Lewis’ friends and employees to sell their shares at a significant profit. The pilots repaid their loans at Lewis’ request.
Another case described in the indictment highlights Lewis obtaining confidential information about a muscular dystrophy drug company. He instructed his girlfriend, personal assistant, and pilots to purchase the company’s stock, resulting in substantial gains when the clinical trial results were made public.
The indictment also reveals Lewis’ involvement in providing stock tips related to a pharmaceutical company he was negotiating to acquire. He advised his pilots and personal assistants, who were onboard his mega-yacht, to buy shares before the merger plan became public, causing a surge in the stock price.
Furthermore, Lewis allegedly learned through a board member that an Australian agricultural firm would suffer significant losses due to a monsoon flood. He promptly advised his pilots to sell, but they were unable to do so before the company publicly disclosed the news, leaving one of the pilots expressing regret for not receiving the information earlier.
Notably, the indictment does not mention Lewis’ ownership of Tottenham, a prominent investment of his. Under his stewardship, the Premier League club constructed a state-of-the-art stadium costing over $1 billion. The venue features an NFL field beneath the movable soccer pitch as part of a long-term agreement with the NFL to host regular-season games in London. Moreover, Tottenham was involved in the controversial plan for a European Super League in 2021, leading to widespread protests from supporters.
A request for comment was sent to the team, which is currently touring Singapore.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
