Billionaire Joe Lewis, whose family trust owns Tottenham Hotspur football club, was fined $5m Thursday, but will avoid prison after pleading guilty to insider trading.The pilot had just touched down in Orlando when he texted a friend with a hot tip: "Boss is helping us out."
Judge Jessica Clarke said his crimes were "serious" and "strike at the integrity of our markets" but said his circumstances did not warrant prison. Instead, the incident with his pilot Patrick O'Connor was just one of a number of times that he passed along insider information about his companies to his private pilots, friends, personal assistants and romantic partners, in order to enrich his close associates.
He founded the investment firm Tavistock Group, which has ownership stakes in a large array of property, sports, finance, energy and life sciences companies.
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Tottenham Hotspur Owner Joe Lewis Avoids Prison Time for Insider TradingBritish billionaire Joe Lewis, owner of Tottenham Hotspur football club, avoids prison time after pleading guilty to insider trading and conspiracy charges in New York. Judge G.L. Clarke cites Lewis' prompt appearance in court, failing health, and lifetime of good works as reasons for probation and a fine instead of imprisonment.
Source: Glasgow_Times - 🏆 76. / 59 Read more »
Tottenham Hotspur Owner Joe Lewis Avoids Prison Time for Insider TradingBritish billionaire Joe Lewis, owner of Tottenham Hotspur football club, avoids prison time after pleading guilty to insider trading and conspiracy charges in New York. Judge G.L. Clarke cites Lewis' prompt appearance in court, failing health, and lifetime of good works as reasons for probation and a fine instead of imprisonment.
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