Arr, matey! The British scallywag, Joe Lewis, pleads "not guilty" to the charge of treasonous insider trading!
2023-07-26
Arr, me hearties! The British scurvy dog, Joe Lewis, a wealthy buccaneer and captain of the Tottenham Hotspur crew, be claimin' he be innocent o' tradin' secrets like a true pirate! Aye, before a Manhattan judge, he be pleadin' not guilty, hopin' to escape the hangman's noose!
British billionaire Joe Lewis, who controls the majority of the Tottenham Hotspur soccer team, pleaded not guilty to charges of orchestrating an insider trading scheme. Prosecutors allege that Lewis passed confidential information about companies he invested in to friends, private pilots, and a former girlfriend. Lewis, along with his pilots Patrick O'Connor and Bryan Waugh, is accused of making millions of dollars in illegal profit from these tips. Lewis, who is worth $6.1 billion, will be released on a $300 million bond secured by his yacht and private aircraft. Lewis' lawyer claims that prosecutors made an "egregious error" in bringing charges against his client.Lewis allegedly lent each pilot $500,000 in 2019 and encouraged them to buy stock in oncology company Mirati Therapeutics before favorable clinical results were released. After the positive results were announced, the company's share price increased, and both pilots repaid Lewis for his loans. Lewis faces 16 counts of securities fraud and three counts of conspiracy, which could result in decades in prison if convicted.
The U.S. Securities and Exchange Commission has also filed a civil insider trading case against Lewis, O'Connor, Waugh, and Lewis' former girlfriend Carolyn Carter. The SEC alleges that Lewis disclosed confidential information to Carter about a biotechnology company's private investment in public equity. Carter then purchased $701,000 worth of stock in the company and made a profit of approximately $172,000 when the stock price soared.
Insider trading has been a focus of the U.S. Attorney's office in Manhattan since 2009. Lewis' arraignment is part of a continued crackdown on such illegal activities. Lewis' former girlfriend, Carolyn Carter, is not facing criminal charges, but the SEC has filed a civil case against her. The SEC stated that insider trading undermines public trust in the fairness and efficiency of the markets.