Arrr! Joe Lewis, scurvy Premier League team owner, be accused o' insider tradin'! Walk the plank, matey!
2023-07-26
Arr, mateys! Joe Lewis, a scallywag of 86 summers, who owns Tottenham soccer club in England's Premier League, hath been slapped with the charge o' insider tradin' on Uncle Sam's land. Shiver me timbers!
The case was announced by Manhattan-based U.S. attorney Damian Williams, who explained in a Twitter video that Lewis used his connections to various corporations to obtain insider tips. These tips were then shared with individuals in his inner circle, who used the knowledge to make profitable stock trades.
Williams expressed his disapproval of Lewis' actions, stating, "It's cheating, and it's against the law. Laws that apply to everyone, no matter who you are." As a result, Lewis now faces 16 counts of securities fraud and three counts of conspiracy.
Despite the charges, Lewis maintains his innocence. His attorney, David M. Zornow, criticized the government's decision to charge an 86-year-old man with a distinguished reputation. Zornow vowed to vigorously defend Lewis in court.
The indictment reveals that Lewis gained control of board seats through his investments in various companies. He then appointed associates to these seats, who would inform him of confidential information. Lewis allegedly shared this information with selected recipients and encouraged them to trade on it.
In one notable incident, Lewis provided $500,000 loans to his private pilots to purchase stock in a cancer-drug company. This investment was based on undisclosed positive clinical trial results.
While the legal battle unfolds, it's worth noting that Lewis's soccer club, Tottenham Hotspur, reached the Champions League final in 2019 but ultimately lost to Liverpool. Their last trophy was secured in the 2008 English League Cup.
The Associated Press contributed to this report.