Federal prosecutors have plenty of stern words to say about 87-year-old British billionaire Joe Lewis's insider tradingFILE - British billionaire Joe Lewis leaves, center, Manhattan federal court, Wednesday, July 26, 2023, in New York. Lewis, whose family trust owns the Tottenham Hotspur soccer club, is set to be sentenced Thursday, April 4, 2024, after pleading guilty to insider trading and conspiracy charges in New York.
Prosecutors wrote in their presentence submission that Lewis deserved leniency because he is elderly and “battles significant health issues” that would cause a term of imprisonment to be more difficult for him than others. Defense attorneys said in their presentence submission that Lewis “is nearing the end of life in declining health” and that the court's probation office had recommended no prison time, a period of three years probation and a $5 million fine.
In court papers, prosecutors said Lewis learned secrets about public companies after making large investments. They said that on at least four occasions, he tipped off his girlfriend, personal pilots, employees and friends, enabling them to profit from the secrets.
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