Tottenham Hotspur Owner Joe Lewis Indicted Over ‘Brazen’ Insider Trading Scheme
Tottenham Hotspur owner Joe Lewis has been indicted over a ‘brazen’ insider trading scheme by US authorities. The British billionaire has been accused of ‘classic corporate corruption’ by US Attorney Damian Williams, alleging he has passed on sensitive information to ‘friends and romantic partners’.
In a statement released on Tuesday, Williams said: ‘Today I’m announcing that my office, the southern district of New York has indicted Joe Lewis, the British billionaire, for orchestrating a brazen insider trading scheme.’
The 86-year-old Lewis owns the Tavistock Group, with more than 200 assets across 13 countries, through which he owns Totenham. He is estimated to be worth £4.5billion.
What is Insider Trading?
Insider trading is the illegal practice of trading stocks, bonds, or other securities based on material, nonpublic information about the company. This type of trading is illegal because it gives an unfair advantage to those with access to the information.
Insider trading can occur when a person with access to confidential information about a company trades the company’s securities without disclosing the information to the public. It can also occur when someone trades on the basis of information obtained from an insider.
The Allegations Against Joe Lewis
Williams alleged that Lewis had been passing on sensitive information to his friends and romantic partners for years. He said: ‘We allege that for years Joe Lewis abused access to corporate board rooms and repeatedly provided inside information to his romantic partners, his personal assistants, his pilots and his friends. Those folks then traded on that inside information and made millions of dollars on the stock market. Thanks to Lewis those bets were a sure thing.’
He added: ‘None of this was necessary. Joe Lewis is a wealthy man, but as we allege he used insider information to compensate his employees, or to shower gifts on his friends and lovers. That’s classic corporate corruption. It’s cheating and it’s against the law.’
The Consequences of Insider Trading
Insider trading is a serious offense and can result in criminal prosecution as well as civil penalties. The US Securities and Exchange Commission (SEC) has the authority to bring civil charges against individuals who engage in insider trading. If found guilty, an individual can face fines, jail time, and a ban from serving as an officer or director of a public company.
The SEC also has the authority to bring criminal charges against individuals who engage in insider trading. If found guilty, an individual can face up to 20 years in prison and hefty fines. In addition, any profits gained from insider trading are subject to forfeiture.
Conclusion
Tottenham Hotspur owner Joe Lewis has been indicted over a ‘brazen’ insider trading scheme by US authorities. The 86-year-old billionaire has been accused of ‘classic corporate corruption’ by US Attorney Damian Williams, alleging he has passed on sensitive information to ‘friends and romantic partners’. Insider trading is a serious offense and can result in criminal prosecution as well as civil penalties. For more stories like this, check our sport page. Follow Metro Sport for the latest news on Facebook, Twitter and Instagram.