The British billionaire Joe Lewis, who owns the Tottenham Hotspur soccer club, is facing sentencing in New York after pleading guilty to insider trading and conspiracy charges. Despite the severity of his crimes, prosecutors are considering leniency due to his age, medical issues, and willingness to face the charges in the U.S. Lewis, 87, admitted to sharing secrets about publicly traded companies in 2019 and expressed embarrassment for his actions. His company, Broad Bay Limited, and Lewis agreed to pay a $50 million financial penalty, the largest for insider trading in a decade.
Prosecutors have acknowledged that Lewis deserves leniency due to his advanced age and significant health issues that would make imprisonment more difficult for him. They also highlighted his acceptance of responsibility by voluntarily surrendering and leading an otherwise law abiding life. Lewis, one of the 500 richest people in the world with assets totaling $6.2 billion, faces a possible sentence of 18 months to two years. His defense team has argued for no prison time, citing his declining health and the recommendation of the court’s probation office for three years of probation and a $5 million fine.
Lewis’ defense attorneys emphasized his deteriorating health and his family ties in the U.S., stating that a prison sentence would prevent him from seeing his children, grandchildren, and great-grandchildren. They also highlighted the significant assets Lewis possesses, including homes in several countries, a $250 million yacht, private planes valued at $90 million, and an art collection worth $100 million. The prosecutors revealed in court papers that Lewis had engaged in insider trading on numerous occasions, tipping off his girlfriend, pilots, employees, and friends to profit from the secrets he acquired. They described this pattern of misconduct as a troubling and deliberate disregard for the law.
The prosecutors suggested that Lewis may have engaged in insider trading due to hubris, ego, or a desire to make financial gains without using his own money. They emphasized that Lewis believed he was above the law due to his wealth and stature, leading him to believe he could operate outside of the rules that apply to everyday investors. Despite the possibility of leniency, the prosecutors condemned Lewis’s actions as a clear abuse of power and privilege. Lewis has been a high-profile defendant since his arrest, posting a $300 million bail using his yacht and private plane as collateral. The outcome of his sentencing on Thursday will determine whether Lewis will face prison time, probation, or a fine for his crimes.
