- Billionaire Joe Lewis pleads guilty
- Accused of insider trading
- Conditions of parole outlined
The estimated £4.8 billion-wealthy businessman expressed regret to the court for his behavior and admitted that he was aware that his actions were improper.
Last year, British billionaire Joe Lewis was accused of insider trading in the United States. In response, Lewis entered a guilty plea to multiple criminal charges.
A majority shareholder in Tottenham Hotspur, the 86-year-old businessman, whose family trust has entered a guilty plea for one conspiracy to commit securities fraud and two securities fraud.
In July 2023, he faced charges of divulging confidential information regarding his portfolio companies to two private pilots, acquaintances, personal assistants, and romantic partners.
As a result, they allegedly generated millions of dollars in revenue, as stated by prosecutors.
On Wednesday, Lewis expressed his profound embarrassment and apologized to the New York court for his behavior.
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Admission of guilt and charges
He claimed he was aware of the immorality of his actions at the time.
Forbes estimates that the entrepreneur who established the investment firm Tavistock Group is valued at around $6.2 billion (£4.8 billion).
Lewis intends to enter a not-guilty plea to the remaining charges levied against him, encompassing two counts of conspiracy and fourteen counts of securities fraud—the alleged offenses directed at Lewis date from 2021 to 2023.
Last July, Patrick O’Connor and Bryan Waugh, the pilots whose information was leaked, pleaded not guilty.
Thus far, Lewis has evaded incarceration with a $300 million bond secured by his private aircraft and yacht.
His parole prohibits him from leaving the US, flying, or sailing on his yacht, except for court hearings.
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