Joseph Lewis, an 86-year-old British billionaire and former soccer team owner, pleaded guilty to engaging in insider trading Wednesday at a New York court.
Lewis confessed he was “so embarrassed” that he broke the law to share private information about publicly traded companies, The Associated Press (AP) reported. (RELATED: Former Republican Congressman Stephen Buyer Hit With Jail Time For Insider Trading)
“I knew that I was violating a legal duty not to make those recommendations because the nonpublic information had been entrusted to me in confidence,” Lewis said, The AP reported. “I knew at the time what I was doing was wrong, and I am so embarrassed and I apologize to the court for my conduct.”
BREAKING: British billionaire Joe Lewis pleads guilty in insider trading case https://t.co/Oq6YFCgHLQ
— The Associated Press (@AP) January 24, 2024
The Department of Justice (DOJ) charged Lewis with 13 counts of securities fraud under Titles 15 and 18 as well as three counts of conspiracy back in July 2023, a DOJ press release reads in part. All these charges combined could total to a maximum sentence of 350 years in prison, according to the press release.
“We allege that, for years, Joe Lewis abused his access to corporate boardrooms and repeatedly provided inside information to his romantic partners, his personal assistants, his friends, and his pilots. Those folks then traded on that inside information – and made millions of dollars in the stock market – because, thanks to Lewis, those bets were a sure thing,” the United States Attorney for the Southern District of New York Damian Williams said.
“Today’s guilty pleas once again confirm — as I said in announcing the charges against Joseph Lewis just six months ago – the law applies to everyone, no matter who you are or how much wealth you have,” Williams said after Lewis’ plea, according to The AP
Lewis’ plea deal involved the billionaire and his company paying over $50 million in penalties, The AP reported. Lewis will also forfeit control over board seats and participation in such meetings involving publicly traded companies in the United States. Sentencing is due to occur March 28, with the federal guidelines in light of the deal calling for up to 24 months in prison.
Lewis is the former owner of the Tottenham Hotspur Premier League soccer team, Forbes reported. Since 2022, however, the billionaire has not had any significant relationship with the sports team.