ritish billionaire and Tottenham Hotspur proprietor Joe Lewis has been indicted in New York for “orchestrating a brazen insider buying and selling scheme”, a US legal professional mentioned.
Damian Williams, the US legal professional for the Southern District of New York, mentioned in a video launched by his workplace: “In the present day I’m asserting that my workplace, the Southern District of New York, has indicted Joe Lewis, a British billionaire, for orchestrating a brazen insider buying and selling scheme.
“We allege that for years Joe Lewis abused his entry to company boardrooms and repeatedly offered inside data to his romantic companions, his private assistants, his non-public pilots and his pals.
“These of us then traded on that inside data and made thousands and thousands of {dollars} within the inventory market, as a result of because of Lewis these bets had been a certain factor.”
Mr Williams described Lewis’s behaviour as “traditional company corruption”.
He mentioned: “Now, none of this was obligatory. Joe Lewis is a rich man. However as we allege he used inside data as a method to compensate him staff or to bathe presents on his pals and lovers.
“That’s traditional company corruption. It’s dishonest, and it’s in opposition to the legislation. Legal guidelines that apply to everybody, irrespective of who you might be.
“That’s why Joe Lewis has been indicted and can face justice right here within the Southern District of New York.”
Lewis, 86, is the founder and first investor of Bahamas-based funding agency Tavistock Group.
He purchased a controlling stake within the Premier League membership from Sir Alan Sugar in 2001 for £22 million.
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