Joe Lewis, the UK billionaire and owner of Tottenham Hotspur, has been indicted in the US for what officers known as a “brazen” set of insider buying and selling schemes.
“He used inside information as a way to compensate his employees or shower gifts on his friends and lovers,” US Attorney Damian Williams stated in a video assertion on Tuesday.
“That’s classic corporate corruption,” he added. “It’s cheating, and it’s against the law.”
The US legal professional stated Mr Lewis “abused his access to corporate boardrooms” to share insider data with “his romantic partners, his personal assistants, his private pilots, and his friends.”
“Those folks then traded on that information and made millions of dollars on the stock market,” Mr Williams added.
An legal professional for Mr Lewis informed The Independent he plans to struggle the costs.
“The government has made an egregious error in judgment in charging Mr Lewis, an 86-year-old man of impeccable integrity and prodigious accomplishment,” David M Zornow stated in an e-mail assertion. “Mr Lewis has come to the US voluntarily to answer these ill-conceived charges, and we will defend him vigorously in court.”
The billionaire is charged with 16 counts of securities fraud and three counts of conspiracy, Reuters stories.
The businessman owns the Tavistock Group, which owns greater than 200 property throughout 13 nations, together with Tottenham Hotspur and UK pub operator Mitchells & Butlers, in response to Sky News.
Mr Lewis, 86, is price an estimated $6.1bn and lives in the Bahamas, in response to Forbes.
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