Joe Lewis, a businessman in Britain and the owner of the Tottenham Hotspur football team, avoided prison time on Thursday for a decade-long insider trading scheme that the feds called “brazen.”
The 87-year-old Tavistock Group founder, who had been a personal pilot for two personal pilots, friends, romantic partners, and others, who helped them rake in millions, was sentenced to three years of probation and agreed to pay a$ 5 million fine.
Lewis ‘ Bahamas- based organization, Broad Bay Ltd., originally agreed to a$ 50 million good for failing to identify and document his misconduct.
Judge Jessica Clarke of the Manhattan Federal Court claimed that Lewis had abused his right to access market-moving information about publicly traded companies and that he had also tipped off people who likewise violated the law, “even giving money to those he tipped off so that they could use that information to deal on it.”
” He did n’t just do this once, but provided insider information to multiple people over multiple years”, the judge added.
Clarke praised the English magnate for arriving in the country as soon as he was informed of a warrant for his arrest and “promptly” accepting responsibility for what Lewis did, calling it “undoubtedly wrong” Given his weak health, his old age, and lack of a criminal record, she claimed a prison sentence would be more severe than was needed.
According to the prosecution, Lewis ‘ age and health issues necessitated a liberal outcome, but on Monday, they on Monday declined to request that he serve jail time.
In the president’s punishment surrender, the feds said he committed “grave, prolific breaches” of his duties to publicly traded companies at least four times between 2019 and 2021 by providing improper stock tips, undermining” the integrity of the securities markets from which he has but generously profited for decades”.
In January, Forbes estimated Lewis ‘ net worth to be$ 6.3 billion.
” Unlike many defendants who commit insider trading, Lewis’s conduct was not motivated by personal profit — he did not personally trade based on inside information, and did not make any money”, Assistant U. S. Attorney Nicolas Roos wrote.
It is obvious that Lewis believed he was above the law, regardless of whether his legal behavior was caused by stupidity, self, a desire to make a financial product without parting with his own wealth, an absurd form of greed, or for any other reason.
Lewis , pleaded guilty to conspiracy and securities fraud in January , and was out on a$ 300 million bond he secured by surrendering his yacht and private plane. He was hardly noticeable during the proceedings on Thursday when he was hiding behind videographers ‘ cameras.
” I made a bad mistake. I broke the law. I’m afraid, sorry, and I hold myself accountable”, Lewis told the jury before learning his word. If your pride allows me to make amends and resurrect the faith I have lost in the amount of time I have left, please let me do so.
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