Billionaire Joe Lewis fined $5 million but avoids prison
British billionaire Joe Lewis, involved in an insider trading scheme, avoided prison on Thursday. Instead, a New York judge imposed a $5 million fine and three years of probation.
Despite the potential of a 45-year prison term if found guilty at trial, the 87-year-old, whose family owns English football club Tottenham Hotspur, received leniency. Prosecutors cited his age, health concerns, and voluntary appearance in the US for punishment as grounds for mercy.
Judge Jessica Clarke said Lewis was “at serious risk” if he was incarcerated due to deteriorating health. Clarke said the offence was “without doubt serious”. “Crimes like insider trading strike at the integrity of our markets,” she added, but Lewis’s circumstances did not warrant incarceration.
The court fined Lewis’s company Broad Bay $44m, bringing the total fine and restitution to $49m.
Billionaire Joe Lewis yacht
Lewis’s superyacht, Aviva, has become part of the scandal.
The 321-foot vessel was where many of the illicit discussions took place, according to a Bloomberg report.
Lewis, who is based in the Bahamas, used his yacht as a part-time home, welcoming guests like athletes and biotech executives, along with his employees and personal friends. While they were enjoying amenities such as the padel tennis court, the spa, and the movie theatre, they are alleged to have also swapped confidential information, leading to Lewis being charged with insider trading and securities fraud.
