| British billionaire Joe Lewis, who half owns Australian beef giant AACo, will not spend any time in prison after he pleaded guilty to insider trading and conspiracy charges in New York, a federal judge said on Thursday .
Lewis said he hoped “to make amends and to rebuild the trust that I have squandered” in the remainder of his life. After Thursday’s proceeding, prosecutors said his company, Broad Bay Limited, and Lewis would pay $US50 million in financial penalties, the largest financial penalty for insider trading in a decade.His lawyer said on Thursday that the money was in escrow and ready to be paid and plans were for him to leave the United States for the Bahamas on Thursday night.
Defence attorneys said in their pre-sentence 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 $US5 million fine.