Former Tottenham Owner Joe Lewis Pleads Guilty to Securities Fraud

Lewis and his company to pay over $50 million in penalties, marking the largest financial penalty for insider trading in a decade.

Joe Lewis, British billionaire and former owner of Tottenham Hotspur Football Club, pleaded guilty to two counts of securities fraud and one count of conspiracy to commit securities fraud in a U.S. court.
Lewis was accused of using inside information about companies to tip off friends and associates, enabling them to profit from the information by trading securities in advance of public disclosure.
Lewis' attorney stated that while Lewis acknowledged his conduct in connection with a number of stock trades by individuals close to him, he did not engage in improper trading in his own accounts.
Sentencing has been set for March with a stipulated guideline range of 18 to 24 months’ imprisonment.
Lewis and his company, Broad Bay Limited, will pay more than $50 million in financial penalties, marking the largest financial penalty for insider trading in a decade.