Joe Lewis spared jail time for part in ‘brazen’ insider trading conspiracy

British billionaire Joe Lewis was spared jail time for his part in a “brazen” insider trading conspiracy on Thursday, and was instead fined $5m and a three-year probation by a New York judge.

The 87-year-old, who heads the family that owns Tottenham Hotspur, had faced as much as 45 years in prison if convicted at trial. But in a court filing on Monday, prosecutors said Lewis deserved leniency given his age, health issues and the fact that he had voluntarily come to the US to face punishment.

“Punishment may come in many forms,” prosecutors wrote. “In addition to any restrictions on his liberty that the court may impose, the defendant will be subject to hefty financial penalties and significant restrictions on his future business activities.”

Lewis’s lawyers had already asked the court to spare him from prison time, citing his age and his cooperation, proposed a $5m fine, and agreed with probation officials’ recommendations that he spend three years on supervised release.

Born above a pub in the east end of London, Lewis turned his father’s catering business into a chain of themed restaurants before turning to currency trading. He founded the Tavistock Group, which has stakes in more than 200 companies, including Spurs, biotechnology and agriculture ventures, financial services, luxury hotels, resorts and retail.

He and his family have a net worth of $7.2bn, according to the Bloomberg billionaires index.

Last July, Lewis was hit with 16 counts of securities fraud and three of conspiracy to commit fraud that prosecutors called a “brazen” scheme to enrich his friends, lovers and employees, including two private jet pilots.

The US attorney for the southern district of New York, Damian Williams, said Lewis had “abused his