Tottenham Owner Joe Lewis to Make Shocking Appearance in New York Court - Insider Trading Scandal Unveiled!

Tottenham Hotspur's owner, British billionaire Joe Lewis, is anticipated to attend a court hearing in New York on Wednesday following his indictment for alleged insider trading. The US attorney in Manhattan accused Lewis of orchestrating a bold insider trading scheme and he has voluntarily surrendered to US authorities.

A video on messaging platform X, formerly Twitter, features Damian Williams making a significant announcement. Williams reveals that the southern district of New York, where his office is located, has indicted Joe Lewis, the British billionaire. The indictment accuses Lewis of orchestrating a bold insider trading scheme.

According to our allegations, Joe Lewis has been misusing his connections to corporate boardrooms for many years. He is accused of consistently sharing insider information with his romantic partners, personal assistants, pilots, and friends.

"Those folks then traded on that inside information and made millions of dollars on the stock market. Thanks to Lewis those bets were a sure thing.

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Joe Lewis, despite his wealth, allegedly exploited insider information to reward his employees or lavishly bestow gifts upon his acquaintances and romantic partners, rendering all of these actions unnecessary. Such conduct exemplifies quintessential corporate corruption, constituting both cheating and a violation of the law.

Lewis' attorney, David Zornow, argued that the government had made a grave mistake in accusing Mr. Lewis, an 86-year-old individual with a spotless reputation and remarkable achievements. Zornow emphasized that Mr. Lewis willingly arrived in the United States to address these misguided allegations, which will be robustly contested in a court of law.

A representative from Tottenham club stated that the mentioned issue is a legal matter that has no affiliation with the club, therefore there will be no comments provided.

Last year, Lewis formally transferred his ownership stake in the club, which he held jointly with Daniel Levy under the ENIC Group, to a family trust. The trust continues to benefit Lewis' family members.

What does the indictment say?

Allegedly, Lewis and his accomplices allegedly profited immensely from illicitly obtained information. Lewis stands accused of securities fraud, facing a total of 16 charges, along with three counts of conspiracy.

Reportedly, Lewis purportedly shared sensitive information spanning from 2019 to 2021, involving various companies such as Australian Agricultural Co., Mirati Therapeutics, and Solid Biosciences.

The indictment says Lewis used information he was given as a board member to tip off friends and associates about when to buy and sell shares.

Image:

Lewis (left) with Spurs chairman Daniel Levy

In 2019, Lewis's girlfriend purchased $700,000 worth of shares in Solid Biosciences upon receiving information about the clinical trial results from him.

During the same year, Lewis allegedly directed two of his pilots to sell their shares in Australian Agricultural Co. due to the flooding in Queensland. One of the pilots expressed in an email to a stockbroker that they wished Lewis had provided them with the information earlier.

According to the indictment, in October 2019, Lewis provided a loan of $1 million to two pilots in order for them to purchase Mirati shares. Shortly after, when the results of a clinical trial were announced, the share price increased by 16.7%. One of the pilots allegedly texted a friend, stating that their boss had lent them $500,000 for this purpose.

Furthermore, between 2013 and 2018, Lewis is alleged to have conspired to defraud Mirati, the US Securities and Exchange Commission, and investors by concealing his ownership in Mirati through the use of shell companies and other methods.

'Lewis not involved in day-to-day running of Spurs'

According to our chief reporter, Kaveh Solhekol, Tottenham Hotspur supporters may be feeling a sense of unease today as they came across alarming headlines. However, it is important to note that for Tottenham, this is solely a personal issue concerning Joe Lewis.

Joe Lewis, the owner of Tottenham Hotspur, is not directly involved in the club's day-to-day operations. The responsibility of running the club lies with chairman Daniel Levy. Notably, Lewis has made only infrequent appearances to watch games at the Tottenham Hotspur Stadium.

Naturally, he is the individual who has been the owner of the club ever since he acquired a dominant share from Alan Sugar in 2001 for approximately £22m. The charges he is currently confronting in the United States are of a highly serious nature.

Specifically, these charges consist of 16 counts of securities fraud and three counts of conspiracy. However, his attorney, David Zornow, has publicly declared that these charges are unfounded and he has assured that they will be staunchly contested in the court of law.

If convicted of these charges, the usual consequence would be a maximum prison term of 25 years. However, it is important to remember that innocence prevails until proven guilty. Lewis and his legal team firmly assert his innocence and deny any wrongdoing.

Given the impending court case, it is expected that the resolution will take a considerable amount of time. Nevertheless, it is essential to note that this situation will not have any impact on the operations or management of Spurs. It is regarded as a personal matter concerning Joe Lewis.

Who is Joe Lewis?

Tavistock Group, owned by Lewis, boasts over 200 assets across 13 countries, making him the proud owner of Tottenham Hotspur and the renowned UK pub operator, Mitchells & Butlers. According to Forbes, his wealth is estimated at an impressive £4.65bn.

In a significant move back in 2001, Lewis acquired a controlling stake in the Premier League club from Alan Sugar for a sum of £22m.

Having gone a long way from his modest origins in London's East End, he currently resides in the Bahamas.

Joe Lewis, who was born above a pub in Roman Road, Bow, ended his education at 15 to assist in managing his father's West End catering enterprise called Tavistock Banqueting. In 1979, he made a significant sum of money by selling the business, becoming the foundation of his initial wealth. Subsequently, he delved into the world of currency trading.

In 1992, he is said to have collaborated with American billionaire George Soros in a speculative venture, betting against the stability of the British pound within the European Exchange Rate Mechanism (EERM).

This event, famously known as Black Wednesday, resulted in a significant decline of the pound's value and compelled the British government to withdraw from the EERM.