British billionaire Joe Lewis has been indicted in the US on charges of insider trading to make millions.
British billionaire and owner of leading Premier League football club Tottenham Hotspur, Joe Lewis has been indicted on charges of insider trading in the US. Lewis has been charged for slipping confidential business information to others, including his romantic partners and private pilots, prosecutors said on Tuesday as per an AP report.
The insider trading case against Lewis was announced in a video on Twitter by Manhattan-based US Attorney Damian Williams. A message seeking comment was sent to a spokesperson for Tavistock Group, Lewis’ umbrella company for investments that span from real estate to biotechnology.
The US attorney outlined charges of “brazen” insider dealing by the football club owner. He said that Lewis exploited his entree to various corporations to reap tips that he slipped to people in his own inner circle. They then deployed the knowledge to make stock trades and make millions of dollars.
“As we allege, he used insider information as a way to compensate his employees and shower gifts on his friends and lovers,” Williams said. “It’s cheating, and it’s against the law.”
(Inputs from PTI)
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