Joe Lewis indicted for insider trading

Pretty sure he was behind betdq

Morning jimnast,obviously always been interested in Joe lewis (Spurs),that wedding do I went to in Portugal got talking to a guy who seemed to know what he was talking and said that Lewis many years ago went racing regularly and punted with Laddies therefore met Derrick Smith and the rest is history as they say.

The JP Mcamanus/Magnier/Tabor connection has been going on for years - which then brought about the Victor Chandler buy-in
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Mr Lewis was charged with 16 counts of security fraud, and three counts of conspiracy for crimes alleged to have taken place between 2013 to 2021.

Allegations against Mr Lewis were laid out in a video statement posted to the US State Attorney's Office for the Southern District of New York.

"We allege that, for years, Joe Lewis abused his access to corporate board rooms and repeatedly provided inside information to his romantic partners, his personal assistants, his private pilots, and his friends,"   (read * above) - US attorney Damian Williams said in the video.

Mr Williams, the chief federal law enforcement officer for the SDNY, alleged that Mr Lewis's acquaintances used that information to make millions of dollars in the stock market.

"Thanks to [Mr] Lewis, those bets were a sure thing," he claimed
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Chandler link with Joe Lewis; Investment giant ENIC seeks stake in on-line betting service.

https://www.thefreelibrary.com/Chandler+link+with+Joe+Lewis%3B+Investment+giant+ENIC+seeks+stake+in...-a060178701

Joe Lewis is an East Ender who started work in the family catering business before making his fortune trading on foreign exchange markets, an area which brought him into contact with JP McManus, the Irish racehorse owner and gambler.

In 1995, Lewis bought 34 per cent of ENIC, and turned it into an increasingly active investment fund, entering into a joint venture with Time Warner to develop a chain of themed restaurants, and acquiring stakes in a string of European football clubs, notably Glasgow Rangers, Slavia Prague, AEK Athens and Vicenza.

Earlier this year, ENIC made an ultimately abortive bid for Wembley, while Lewis and McManus were linked with John Magnier, the Irish breeder and owner, in a reported offer to buy a stake in Manchester United.

Reuters reports he has surrendered to US authorities in Manhattan and will appear in court later today.

Could hardly do a runner!

If there is a 'Civil' one ... then looks like somebody has 'an axe to grind'.

Do they not have to be named, though?

Easy money is never frowned upon esp by very rich people; commuters from Richmond were found to be more prevalent dodging fare son the Underground than elsewhere. Imagine doing the same on The Exchange. If so one's money will be confiscated as punishment.

I remember a well-known Wall Street bloke who dealt in junk bonds (he was never wrong with his bets) spent a short period in the slammer after plea bargaining. I think a similar fate  can only be position and educational for Mr Lewis even someone of his status and seniority.

Well done to the US Wall Street police. The UK equivalent is impotent in comparison.

No impact on Spurs at all if this report from the Guardian is accurate:

"Lewis took control of Tottenham in the 1990s, but on Wednesday sources close to the club indicated that he no longer owned it, after a reorganisation of the Lewis family assets late last year.

The beneficiaries of the trust that own Enic group, which in turn owns the majority of Tottenham, are understood to be members of the Lewis family but not the billionaire himself."

Sorry. Ben Haslam. Still not got used to it.

Pleaded "Not Guilty" and released on a $300 MLN Bond secured on his yacht and private aircraft.

you simply don't accrue that amount of money without skullduggery

Billionaire Joe Lewis pleads guilty to insider trading
Published
4 minutes ago

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Joe Lewis leaves Manhattan federal court in New York City on 26 July 2023
IMAGE SOURCE,GETTY IMAGES
Image caption,
Joe Lewis apologised to the court after entering a guilty deal as part of a deal with prosecutors
By Mike Wendling
BBC News
UK billionaire Joe Lewis, whose family trust owns Tottenham Hotspur football club, has pleaded guilty to insider trading in a US court.

Lewis, 86, was accused of passing on information about his companies to his private pilots, friends, personal assistants and romantic partners.

US authorities say that the fraud netted millions of dollars in profit.

Lewis pleaded guilty to conspiracy and two counts of securities fraud as part of a deal with prosecutors.

Lewis founded the investment firm Tavistock Group, which has ownership stakes in a large array of property, sports, finance, energy and life sciences companies.

He was ranked 39th in the 2023 Sunday Times Rich List, with an estimated worth of more than £5bn ($6.4bn).

He was arrested in July 2023 and charged with sixteen counts of securities fraud and three counts of conspiracy.

Prosecutors had alleged that between 2013 and 2021, he abused his access to corporate board rooms and passed the insider information on to his contacts.

US attorney Damian Williams said those contacts made millions of dollars in "sure thing" bets on the stock market.

In one instance, according to the indictment, Lewis told a girlfriend to invest in a biotech company in July 2019, before the results of a clinical trial by the company were made public.

He then allegedly logged into her bank account himself and used $700,000 to invest into the company, eventually netting a profit of $849,000.

In another instance, Lewis allegedly wired his private pilots Patrick O'Connor and Bryan Waugh $500,000 each to buy stock in a company, after tipping them off with confidential information.

Following the loan, Mr O'Connor allegedly texted a friend "Boss lent Marty and I $500,000 each for this" and "the Boss has inside info... otherwise why would he make us invest".

Mr O'Connor and Mr Waugh have also been charged with securities fraud.

The indictment listed other alleged incidents of Mr Lewis telling friends, girlfriends and employees to invest in stocks based on insider information.

Prosecutors also said that as part of the scheme, Lewis hid the true size of his ownership stake in one company, Mirati Therapeutics.

As part of the plea deal, one of Lewis' companies, Broad Bay Ltd, also pleaded guilty to securities fraud and was fined $50m (£39m).

In a statement, Mr 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."

In court in Manhattan on Wednesday, Lewis admitted he knew what he was doing was wrong.

"I am so embarrassed and I apologize to the court for my conduct," he said.

The charges Lewis pleaded guilty to carry a total maximum sentence of 45 years in prison, although federal guidelines call for a sentence of between 18 and 24 months. The plea agreement allows Lewis to appeal the decision if he is sentenced to prison time.

Lewis was born in London's East End and took over a restaurant business started by his father before selling it to focus on currency speculation and investments.

He was reportedly one of the investors who made money betting heavily against the pound prior to "Black Wednesday" - the UK's withdrawal from the European Exchange Rate Mechanism in September 1992.

In 2007 he took a stake in Wall Street investment firm Bear Stearns but reportedly lost more than $1bn when the firm failed during the financial crisis the following year.

A long-time resident of the Bahamas, Lewis' bail terms prohibited him from leaving the United States and limited him to traveling between his properties in New York, Florida and Georgia.

Lewis' family trust owns a majority stake in the holding company that operates Tottenham Hotspur football club. But according to financial documents the club filed with the UK's Companies House in 2022, Lewis no longer has "significant control" over the club.