July 12, 2024

British billionaire and Tottenham Hotspur proprietor Joe Lewis exits the USA Courthouse in Manhattan, following his look on insider buying and selling prices, in New York Metropolis, U.S., July 26, 2023. 

Amr Alfiky | Reuters

British billionaire Joseph Lewis pleaded responsible Wednesday in New York federal court docket to securities fraud associated to insider buying and selling.

Lewis’ firm, Broad Bay Ltd., additionally pleaded responsible in the identical continuing to collaborating in a scheme to cover his possession of shares of a pharmaceutical firm by making false filings and deceptive monetary statements.

Broad Bay can pay $50 million in penalties as a part of its plea.

“Lewis abused inside info he gained by means of his entry to company boardrooms to tip off his mates, staff, and romantic pursuits,” stated Manhattan U.S. Lawyer Damian Williams. “Now, he can pay the worth with a federal conviction, the prospect of time in jail, and the biggest monetary penalty for insider buying and selling in a decade.”

Lewis, 86, faces a most potential sentence of 20 years in jail on the fees he pleaded responsible to in U.S. District Courtroom in Manhattan: one depend of conspiracy to commit securities fraud, and two counts of securities fraud.

Lewis is the principal proprietor of the non-public funding group Tavistock Group, and thru a household belief controls a majority possession stake within the English Premier League soccer group Tottenham Hotspur.

“In the present day’s responsible pleas as soon as once more verify — as I stated in asserting the fees towards Joseph Lewis simply six months in the past – the regulation applies to everybody, regardless of who you’re or how a lot wealth you may have,” stated Williams, whose workplace prosecuted Lewis.

That is breaking information. Verify again for updates.