British billionaire Joe Lewis turned himself in after being charged with orchestrating an insider trading scheme to enrich his friends, lovers and employees, including two private jet pilots (Picture: Getty)
The billionaire former owner of Tottenham Hotspur, Joe Lewis, is facing jail in the US after pleading guilty to insider trading.
Lewis, 86, tipped off friends, lovers, personal assistants, and even two private jet pilots with confidential information from the boardrooms of his businesses.
It allowed them to bet on companies he had a stake in, using information only those with inside access could have known, to reap millions of dollars in profit, prosecutors said.
Lewis admitted securities fraud and conspiring to commit securities fraud by insider trading as part of a deal with prosecutors.
In exchange, he has the right to appeal should the judge decide to send him to prison when he is sentenced on March 28.
He has been allowed to remain free on a $300 million (£253 million) bond secured by his yacht, named the Aviva, and private plane.
Lewis told US District Judge Jessica Clarke he knew at the time that what he was doing was wrong.
He added: ‘I am so embarrassed and I apologise to the court for my conduct.’
The terms of his bail prevent him from travelling outside the US or on either his plane or yacht unless it is to attend court.
He is also limited to traveling between New York, Florida and Georgia, where he owns property.
Lewis was charged by federal prosecutors with 16 counts of securities fraud and three counts of conspiracy, for alleged crimes spanning from 2013 to 2021.
While Lewis will not plead guilty to the other counts under the terms of his deal, Clarke said she may consider them for sentencing purposes.
His pilots, Patrick O’Connor and Bryan Waugh, were also charged. All three men entered not guilty pleas last July.
US Attorney Damian Williams said: ‘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.
‘Billionaire Lewis abused inside information he gained through his access to corporate boardrooms to tip off his friends, employees and romantic interests.
‘Now, he will pay the price with a federal conviction, the prospect of time in prison and the largest financial penalty for insider trading in a decade.’
Lewis built his wealth through the investment company, Tavistock Group, and bought a controlling stake in Tottenham Hotspur in 2001.
In 2022 he ceded control of the club and formally handed his stake to a family trust and has no day-to-day involvement with the club. Spurs declined to comment.
He was worth more than £5 billion according to the 2023 Sunday Times Rich List, being ranked as the 39th richest person in the country.