Tottenham owner Joe Lewis indicted in the US for ‘brazen insider trading scheme’
Joe Lewis has been indicted on allegations of insider trading (Mike Egerton/PA)
Tottenham owner Joe Lewis has been indicted in New York for “orchestrating a brazen insider trading scheme”, a US attorney said.
Damian Williams, the US attorney for the Southern District of New York, said in a video released by his office: “Today I’m announcing that 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.
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“Those folks then traded on that inside information and made millions of dollars in the stock market, because thanks to Lewis those bets were a sure thing.”
Mr Williams described Lewis’s behaviour as “classic corporate corruption”.
He said: “Now, none of this was necessary. Joe Lewis is a wealthy man. But as we allege, he used inside information as a way to compensate his employees or to shower gifts on his friends and lovers.
“That’s classic corporate corruption. It’s cheating, and it’s against the law. Laws that apply to everyone, no matter who you are.
Joe Lewis, pictured left at a match with Spurs chairman Daniel Levy, bought a controlling stake in the north London club from Lord Sugar in 2001 for £22million (Nick Potts/PA)
“That’s why Joe Lewis has been indicted and will face justice here in the Southern District of New York.”
Read on belfasttelegraph.co.uk
