World News 5 Nisan 2024

Ex-Tottenham owner sentenced over insider trading scheme

Ex-Tottenham owner sentenced over insider trading scheme

British billionaire Joe Lewis has avoided a jail sentence after admitting he orchestrated an insider trading scheme that helped those around him make millions.

The former Tottenham Hotspur owner, who lives in the Bahamas, tipped off his girlfriend, friends, and two of his private pilots with inside information on four publicly-traded companies, which they used to get rich, prosecutors in New York said.

In January, he pleaded guilty to one count of conspiracy to commit securities fraud and two counts of securities fraud, admitting in court he had known he was breaking the law.

But prosecutors had said he deserved leniency because of his age, bad health and willingness to come to the US to face the charges, rather than force a protracted extradition battle.

Ex-Tottenham owner sentenced over insider trading scheme
Image:
Lewis pictured after a court appearance last July. Pic: Reuters

In court on Thursday, the 87-year-old was sentenced to three years’ probation and fined $5m (£4m).

Before he was sentenced, Lewis spoke briefly, saying: “Your honour, I’m here today because I made a terrible mistake.

“I’m ashamed.”

Lewis said he hoped “to make amends and to rebuild the trust that I have squandered” in the remainder of his life.

Ex-Tottenham owner sentenced over insider trading scheme
Image:
Lewis on his arrival at court for sentencing. Pic: Reuters

Read more:
From humble beginnings in London’s East End to billionaire insider trader

Premier League clubs dominate football’s top money makers

Lewis founded Bahamas-registered investment firm Tavistock Group and is one of the 500 richest people in the world, according to the US government.

His fortune is estimated at $6.2bn (£4.9bn), including homes in several countries, a $250m yacht, private planes worth $90m and a $100m art collection.

Lewis held a majority stake in Premier League football club Spurs for more than two decades, a shareholding now owned by a trust on behalf of his family.

From the beginning, it was clear Lewis would not be any ordinary defendant – after his initial arrest, he was released on $300m (£237m) bail after putting up his yacht and plane as collateral.

Ex-Tottenham owner sentenced over insider trading scheme
Follow Sky News on WhatsApp

Keep up with all the latest news from the UK and around the world by following Sky News

Tap here

Prosecutors said he learned about public companies after making large investments and on at least four occasions between 2019 and 2021, he tipped off those close to him.

“This insider trading was not the result of aberrant, one-time conduct but rather a troubling pattern of misconduct over the course of several years,” they said.

His motive was unclear but prosecutors said it was possibly down to “hubris, ego, a desire to make a financial gift without parting with his own money, an irrational form of greed, or some other reason”.

source

Spread the love <3

You may also like...

Nis
12
2024
0
Lyrak to take on X by combining the best of Twitter with fediverse integration

Lyrak to take on X by combining the best of Twitter with fediverse integration

Threads. Mastodon. Bluesky. Substack Notes. Post. Nostr. Spoutible. There’s no shortage of X competitors in the months following the acquisition...

Spread the love <3
Mar
18
2024
13
India orders antitrust probe into Google’s app store billing practices

India orders antitrust probe into Google’s app store billing practices

India’s antitrust regulator has ordered an investigation into Alphabet’s Google amid a dispute with some Indian developers over its in-app billing...

Spread the love <3
Mar
31
2024
0
OnePlus Nord CE 4 tanıtım öncesi ünlü e-ticaret platformunda göründü!

OnePlus Nord CE 4 tanıtım öncesi ünlü e-ticaret platformunda göründü!

OnePlus‘ın yarın tanıtmaya hazırlandığı Nord CE 4 için geri sayım başladı. Cihazla ilgili bugüne dek ortaya çıkan sızıntıların ana odağı orta segmente...

Spread the love <3
Ağu
12
2024
0

Saç telinin on binde birini görüntüleyen mikroskop geliştirdiler!

Bilim dünyasında çok konuşulacak bir gelişme yaşandı. Almanya’daki Göttingen Üniversitesi ve İngiltere’deki Oxford Üniversitesi’nden bir araştırma ekibi, Göttingen Üniversitesi Tıp...

Spread the love <3
Whatsapp İletişim
Merhaba,
Size nasıl yardımcı olabilirim ?