For years, Joe Lewis leaked insider information to his entourage. The billionaire and Spurs mogul was sentenced for this on Thursday in New York
Joe Lewis, billionaire and mogul of English top club Tottenham Hotspur, has been sentenced to three years’ probation and a fine of five million dollars for insider trading. Judge Jessica Clarke in New York also imposed far-reaching restrictions on Lewis’ company Broadbay on Thursday, describing the offenses as “undoubtedly serious”, but the businessman was spared a prison sentence.
Lawyers plead for a reprieve
“I’m here today because I made a terrible mistake. I’m ashamed, I’m sorry,” said 87-year-old Lewis before the sentencing, after he had pleaded guilty to passing on insider information to those close to him. His two lawyers had argued that Lewis should be spared a prison sentence due to his frail condition and an upcoming eye operation. Lewis is alleged to have provided his entourage with insider information for years between 2013 and 2021, which is said to have earned him several million dollars.
Lewis’ holding company ENIC acquired a majority stake in Tottenham Hotspur for 22 million dollars in 2001.