The billionaire owner of Tottenham Hotspur has been accused by authorities in America of orchestrating a "brazen" insider trading scheme.
Joe Lewis was named by US federal attorney Damian Williams in a video message on Twitter last night. Williams accused the Spurs owner of "abusing his access to corporate boardrooms", and providing insider information to "romantic partners", private staff and friends.
— US Attorney SDNY (@SDNYnews)
July 25, 2023
According to the lawsuit, people he gave information to went on to make millions from the stock market as Lewish insured the bets were a "sure thing."
The indictment in the Southern District Court of New York also claims that Lewis used the stock information as a form of remuneration in a "classic case of corporate corruption."
Lewis is facing a maximum sentence of up to 20 years and a fine of up to five million dollars if convicted.
The prominent British businessman, who is estimated by the Sunday Times rich list to have a net worth of around £5bn, was born in an East London pub before leaving school at 15. He made his first fortune betting against the pound during the Black Wednesday financial crisis.
Lewis has been involved with Spurs since 2001 when he bought a controlling stake in the club from Jewish entrepreneur Alan Sugar for an estimated £22m.
Lewis holds majority stakes in Tottenham Hotspur and pub chain Mitchell and Butler through his holding company the Tavistock Group.
In a statement, Lewis' lawyer defended the 86-year-old against the indictment saying: “The government has made an egregious error in judgment in charging Mr Lewis, an 86-year-old man of impeccable integrity and prodigious accomplishment.
"Mr Lewis has come to the US voluntarily to answer these ill-conceived charges, and we will defend him vigorously in court.”
