Tottenham owner Joe Lewis pleads guilty to insider trading charges،
British billionaire Joe Lewis, whose family trust controls a majority of Tottenham Hotspur, pleaded guilty in New York to US insider trading charges on Wednesday, apologizing to a judge for his conduct.
Lewis, 86, pleaded guilty to one count of conspiracy to commit securities fraud and two counts of securities fraud, as part of an agreement with the district attorney's office American from Manhattan. As part of the plea agreement, Lewis has the right to appeal if he is sentenced to prison, his attorney David Zornow said.
Lewis was charged in July 2023 with passing inside information about his portfolio companies to two of his private pilots as well as friends, personal assistants and romantic partners, allowing them, prosecutors say, to reap millions dollars in profits.
Speaking to U.S. District Judge Jessica Clarke, Lewis said he knew at the time what he was doing was wrong.
“I am so embarrassed and I apologize to the court for my conduct,” Lewis said.
The pilots, Patrick O'Connor and Bryan Waugh, were also charged. The three men pleaded not guilty last July.
Lewis was charged by federal prosecutors with 16 counts of securities fraud and three counts of conspiracy, for alleged crimes spanning from 2013 to 2021.
Although Lewis will not plead guilty to the other charges under the terms of her agreement, Clarke said she may take them into account for sentencing purposes.
Clarke set sentencing for March 28.
Lewis founded the investment firm Tavistock Group and is worth $6.2 billion, according to Forbes. Lewis was allowed to remain free on a $300 million bond secured by his yacht, named Aviva, and his private plane.
The conditions of his bail prohibit Lewis from traveling outside the United States, boarding his yacht or traveling on his personal plane, unless it is to attend a court hearing. Lewis is restricted to traveling between New York, Florida and Georgia, where he owns property.
Prosecutors said Lewis gleaned inside information about four companies he invested in through his hedge fund and informed his friends and associates between 2019 and 2021.
The companies, according to prosecutors, included Mirati Therapeutics and BCTG Acquisition Corp, a blank check company that his hedge fund founded and took Tango Therapeutics public in a 2021 merger.
Lewis hid the size of his Mirati holdings by investing through a trust and a shell company registered in the name of his granddaughter and an employee, prosecutors say.
Manhattan U.S. Attorney Damian Williams called Lewis' actions “classic corporate corruption.”
Tottenham have been owned by ENIC since 2001. ENIC, which is owned by the Lewis family trust, is a subsidiary of the Tavistock Group.
The businessman was removed from his role as a “person with significant control” over Spurs in October 2022, with chairman Daniel Levy responsible for the club's operations.
