Joe Lewis: The owner of Tottenham Hotspur is accused of insider trading

US federal authorities charged the billionaire owner of the soccer team Tottenham Hotspur on Tuesday with organizing “brazen” insider trading.

Joe Lewis allegedly shared inside information from businesses in which he had investments with associates, including his personal pilots, aides, and love partners, according to Damian Williams, the US attorney for the southern district of New York.

The 86-year-old founder of the investment firm Tavistock Group is charged with 19 counts total, including 16 counts of securities fraud and 3 counts of conspiracy.

Williams said in a statement on Tuesday that they were accusing Joe Lewis of abusing his access to company boardrooms for years by frequently giving his love partners, personal assistants, private pilots, and pals insider information.

Because those bets were sure things because of Lewis, those people subsequently traded on that inside information and gained millions of dollars on the stock market, he claimed.

Joe Lewis was a wealthy man; therefore, none of this was necessary, as Williams stated in the statement. But, according to what we say, he exploited insider information to pay his staff or provide gifts to his friends and girlfriends.

According to the prosecution, Lewis lent money to those who received his tips in some insider trading cases. For instance, in October 2019, Lewis sent $1 million to two pilots so they could purchase stock in the biotech business Mirati.

According to the indictment, a pilot texted a friend saying, “Boss lent Marty and me $500,000 each for this,” and he believed “the Boss has inside information” because “otherwise why would he make us invest?”

A short time after Mirati published encouraging clinical trial results, which led to a 16.7% increase in the company’s stock price, both pilots purportedly repaid their loans. The second pilot entered “Loan payback for MRTX” in his logs.

Williams accused Lewis of engaging in “classic corporate corruption” and warned that he would be brought to justice in New York courts.

Lewis wasn’t available for comment right away. On Wednesday, Tottenham Hotspur issued the following statement: “We have no comment as this is a legal matter unrelated to the club.

Bloomberg estimates Lewis’s fortune at $6.55 billion. His wealth is connected to Tavistock, a holding firm with headquarters in the Bahamas that owns shares in more than 200 companies in 13 nations through investments in hotels, restaurants, and real estate.

Lewis, a devoted art collector who was born above a bar in London’s east end, made the most of his money through currency trading. In the 1990s, he took over as Tottenham’s manager

Leave a Reply

Your email address will not be published. Required fields are marked *