Joe Lewis, the billionaire owner of English Premier League club Tottenham Hotspur, surrendered to authorities in Manhattan on Wednesday after being charged with insider trading, the U.S. District Attorney’s Office in New York announced, as details emerge about the 86-year-old investor’s alleged nefarious scheme to provide associates with insider information.
ENIC International Limited Owner Joe Lewis was indicted on insider trading charges.
Federal prosecutors charged Lewis on Tuesday with insider trading, alleging the billionaire investor used his position of power to “repeatedly” offer insider information to business associates, including friends, pilots and romantic partners.
Lewis was indicted along with business associates Patrick O’Connor and Bryan “Marty” Waugh on insider trading securities fraud, according to a statement from U.S. District Attorney Damien Williams.
Prosecutors allege associates of Lewis used that information to make millions of dollars through stock trades.
We estimate Lewis’ real-time net worth at roughly $6.1 billion, making him the world’s 443rd richest person. Lewis, who owns the private equity firm Tavistock Group, also has a stake in the U.K. pub business Mitchells & Butlers.
This is a developing story.
Billionaire Tottenham Hotspur Owner Joe Lewis Charged With Insider Trading (Forbes)