NEW YORK (AP) — British billionaire Joe Lewis, whose family owns the Tottenham Hotspur soccer team, pleaded guilty Wednesday to insider trading and conspiracy charges in New York, saying he knew sharing non-public information about publicly traded companies was wrong and that his crimes have left him “very embarrassed.”
The 86-year-old businessman entered the guilty plea in Manhattan federal court six months after he was charged in the case. He was free on $300 million bail, and had provided a yacht and a private plane as collateral.
Lewis told Judge Jessica GL Clarke that he agreed in 2019 to share secrets he knew about publicly traded companies with two other people who bought shares in those companies. She noted that she shared confidential data with another person in July and September of the same year and that that individual acquired shares in the companies.
“I knew I was violating my legal duty not to make those recommendations because the non-public information had been entrusted to me privately,” he said. “I knew then that what I was doing was wrong, and I am very ashamed and apologize to the court for my behavior.”
Lewis did not speak as he left court, and was protected from photographers by his advisers, a lawyer and an umbrella.
U.S. Attorney Damian Williams said the guilty plea includes the largest financial penalty for insider trading in a decade.
A guilty plea was also entered for Broad Bay Limited, which Lewis owns. The company and Lewis will pay financial penalties worth more than $50 million, the prosecutor said in a statement.
Lewis has a fortune estimated by Forbes at $6.1 billion, and assets in the real estate, biotechnology, energy and agricultural sectors, among others.
Associated Press writer Jennifer Peltz contributed to this report.
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2024-01-24 21:02:43
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