BREAKING NEWS: Tottenham owner Joe Lewis surrenders to US authorities in Manhattan after being indicted for 'brazen' insider trading
British billionaire and Tottenham Hotspur football team owner Joe Lewis has surrendered himself to US authorities in Manhattan after being charged in the US with 'brazen' insider trading.
Mail Sport reported on Tuesday night that federal prosecutors have accused the 86-year-old of slipping confidential stock tips to his romantic partners, private pilots and friends so that they could make millions of dollars.
Lewis exploited his entrée to various corporations to reap lucrative secrets, passed them on to people in his own inner circle and prompted them to trade on the knowledge, prosecutors said.
The billionaire, who owns a $250millionn superyacht on which he sometimes lives, has been charged with 13 counts of securities fraud, each of which carries a maximum sentence of 20 years in prison; three counts of securities fraud, each of which carries a maximum sentence of 25 years in prison; and three counts of conspiracy, each of which carries a maximum sentence of five years in prison.
Bloomberg reported on Wednesday that Lewis handed himself in to US authorities in Manhattan and he is due in a New York court later today.
In a dramatic statement delivered by video, US Attorney Damian Williams said: 'My office, the Southern District of New York has indicted Joe Lewis, the British billionaire, for orchestrating a brazen insider trading scheme.
'We allege that for years Joe Lewis abused his access to corporate boardrooms and repeatedly provided inside information to his romantic partners, his personal assistants, his private pilots and his friends.
'Those folks then traded on that inside information and made millions of dollars on the stock market because - thanks to Lewis - those bets were a sure thing.'
Williams added: 'Now, none
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