NASSAU, BAHAMAS- British billionaire Joe Lewis, the Albany developer, has pleaded guilty to charges of insider trading in a stunning legal development.

Lewis, 86, whose family trust owns the Tottenham Hotspur soccer club, pleaded guilty on Wednesday to insider trading and conspiracy charges in New York. US prosecutors accused Lewis of 'brazen insider trading,' regarding activities that occurred between 2013 and 2021.

The accusations assert that Lewis utilized his privileged access to corporate boardrooms to disclose confidential stock tips to various individuals, including friends, personal assistants, private pilots, and even romantic partners. These recipients allegedly capitalized on insider information, engaging in lucrative trades that resulted in substantial profits.

Lewis, a prominent British figure with an estimated net worth of over US $6 billion, has now admitted guilt, specifically acknowledging passing on inside information. During a hearing in federal court in Manhattan, Lewis pleaded guilty to three counts of securities fraud, including conspiracy.

Lewis, the founder of investment firm Tavistock Group, which holds stakes in over 200 companies across various sectors, has been the most high-profile figure prosecuted for insider trading by federal prosecutors.

Despite facing serious charges, Lewis, through a plea deal, may see a significant reduction in any potential sentence, which initially could have been as long as 45 years in prison.

One of Lewis' companies, Broad Bay Limited, also pleaded guilty to securities fraud and agreed to pay a $50 million penalty in a deal with prosecutors. The sentencing process is now anticipated to be expedited, given Lewis' age. He is scheduled to appear in court again on March 28.

 

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