Arr matey! A fancy UK scallywag, whose trust be ownin' Tottenham, be set free on a hefty $300 million bail after claimin' innocence, arr!
2023-07-27
Arrr! UK scallywag, Joe Lewis, bein' a billionaire, from a trust ownin' the Tottenham Hotspur crew, did deny all charges o' tradin' secrets in New York! Yet, the scurvy dog be set free on a whopping $300 million ransom!
Joe Lewis, the British billionaire and owner of the Tottenham Hotspur soccer club, has pleaded not guilty to insider trading charges in New York. It is alleged that Lewis shared corporate secrets with his romantic partners, personal assistants, friends, and pilots, allowing them to make millions of dollars illegally. Lewis was released on $300 million bail, using his yacht and private plane as collateral. His pilots, Patrick O’Connor and Bryan ‘Marty’ Waugh, also pleaded not guilty and were released on $250,000 bail each. All three defendants must remain in the United States. The charges were announced by U.S. Attorney Damian Williams, who described Lewis as orchestrating a brazen insider trading scheme. Lewis is accused of using his access to corporate boardrooms to provide inside tips to his associates, enabling them to make guaranteed bets in the stock market. David M. Zornow, Lewis' attorney, stated that his client would vigorously fight the charges, describing them as an error in judgment by the government. Lewis is charged with 16 counts of securities fraud and three counts of conspiracy, while his pilots face seven counts of securities fraud and a conspiracy count each. Lewis, whose fortune is estimated at $6.1 billion, bought an interest in Tottenham Hotspur in 2001 and has since overseen the construction of a state-of-the-art stadium. He is no longer operational control of the club, but a trust benefiting his family is the majority owner. Lewis' Tavistock Group has investments in over 200 companies worldwide, and he has connections with notable figures such as Tiger Woods, Ernie Els, and Justin Timberlake. The indictment alleges that Lewis shared confidential information with his chosen recipients between 2019 and 2021, enabling them to profit from it. This included loaning his pilots money to buy stock in a cancer drug company based on insider knowledge of positive clinical trial results. Lewis' friends and employees sold the stock at a profit after the company announced the data. Lewis also allegedly provided tips about a muscular dystrophy drug company to his girlfriend and pilots, leading to insider trading.