- The billionaire pleaded guilty to ‘brazen’ insider trading and conspiracy charges
- Lewis, 87, had faced 18-24 months jail time under US sentencing guidelines
- DailyMail.com provides all the latest international sports news
British billionaire and former Tottenham Hotspurs FC owner Joe Lewis avoided jail time as he appeared in US court to face sentencing for insider trading charges in New York Thursday.
Lewis, 87, pleaded guilty to ‘brazen’ insider trading and conspiracy charges in January, admitting to sharing insider secrets about publicly traded companies with several individuals.
Under US sentencing guidelines, Lewis, worth approximately $6.2 billion, faced 18 months to two years behind bars but he escaped jail time as Judge Jessica Clarke instead handed down a sentence of three years probation and $5million fine after prosecutors urged for leniency.
Wearing a patch over his eye for a ‘serious condition’ his lawyers said required surgery back in his native London, Lewis appeared very much the frail old man both the prosecution and the defense argued wouldn’t survive incarceration.
Judge Clarke said the offense was ‘without doubt serious’ but that Lewis’ deteriorating health meant his life ‘would be at serious risk if he were to be incarcerated.’
The court fined Lewis’s company Broad Bay $44m, bringing the total fine and restitution to $49m.
Remaining seated as he addressed the judge, a visibly shaken Lewis acknowledged he had made a ‘terrible’ mistake, saying he felt ashamed as he vowed to use ‘the time I have remaining to make amends’.
‘At an early age, I learned how precious life is,’ Lewis said in a brief, stuttering statement to the court, which acknowledged his childhood during the Blitz in London.
‘I made a terrible mistake. I broke the law. I am ashamed, sorry, and I hold myself accountable. If your honor so desires, I wish to use the time I have left to make amends and rebuild trust.’
Prosecutor Jason Richmond argued Lewis, a UK citizen who resides in the Bahamas, had committed ‘undeniably serious’ and ‘calculated’ crimes and that the case sent the message that ‘even billionaires aren’t above the law’.
However, he acknowledged the ‘unique situation’ that the mitigating factors of Lewis’ age, health condition and his voluntary surrender to US authorities, instead of fighting a long extradition battle, posed.
Lewis was arrested and charged in July 2023 for passing confidential financial information to a range of associates, including his girlfriend, his two pilots and even a poker associate. The alleged crimes are said to have taken place between 2013 and 2021, when Lewis was Spurs’ owner.
He was freed on a $300million bond secured against his luxury yacht and private aircraft.
Lewis was born and raised in the UK, and turned his father’s catering business into a company that sold luxury goods to American tourists, before turning to currency trading in the 1970s.
He moved to the Bahamas to avoid paying UK tax rates, and made millions betting against the British pound and the Mexican peso in the 1990s.
He eventually bought Premier League team Tottenham Hotspur, though was removed as a ‘person of significant control’ in 2022 after it was handed over to a family trust.
Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
