NASSAU, BAHAMAS — British billionaire and Albany developer Joe Lewis has avoided prison time after a US judge on Thursday ordered him to pay a $5 million fine and serve three years of probation for pleading guilty to what federal prosecutors described as a yearslong brazen insider trading scheme.

Lewis, 87, pleaded guilty in January to one count of conspiracy and two counts of securities fraud, admitting to sharing illegal stock tips with friends, romantic partners, and two personal pilots, among others, allowing them to reap significant profits. The activities occurred between 2013 and 2021.

Judge Jessica Clarke stated that Lewis had misused his access to market-moving information about publicly traded companies, tipping off others to break the law. She noted that he even provided money to those he tipped off so they could trade on the information he provided.

Clarke described Lewis's actions as "undoubtedly wrong" but credited the English tycoon for promptly coming to the US upon notification of a warrant for his arrest and accepting responsibility. She deemed that a prison sentence would be excessive punishment given his poor health, old age, and lack of a criminal record.

Prosecutors stated on Monday that while punishment is warranted, Lewis's age and health issues warranted a lenient outcome, declining to request prison time. In January, Forbes estimated Lewis's net worth to be $6.3 billion.

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's companies, Broad Bay Limited, has pleaded guilty to securities fraud and agreed to pay a $50 million penalty in a deal with prosecutors.

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