Billionaire and former Tottenham Hotspurs owner Joe Lewis has pleaded guilty to insider trading, information which he shared with his girlfriend and few other people.
“Today, Joe Lewis acknowledged his conduct in connection with a number of stock trades by individuals close to him,” said Joe Lewis spokesperson.
Lewis spokesperson continued by saying that the his actions should also be weighed against the accomplishments he has achieved.
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“Mr. Lewis did not engage in improper trading in his own accounts. His conduct should be viewed in the context of Mr. Lewis’ long life of accomplishment and integrity. Soon to be 87, Mr. Lewis is deeply sorry, embarrassed, and apologies to the Court, his family, and all those who have come to rely on him.” he said
Submissions by federal prosecutors in Manhattan revealed that the former Tottenham owner shared the information with his associates in regard to public trading companies including Australian Agricultural Co. and Mirati Therapeutics.
Others who benefited from the information include his pilots. His girlfriend alone profited more than $545,00 on trades using the information she received.
Joe Lewis who ranks 444th in the list of world richest people is self made and founder of Tavistock group. He also head other investments including the Australian Agricultural Company, Poland Land Co., Freebirds World Burrito and Mitchells & Butlers based in the UK.