Topline
British billionaire and Tottenham Hotspur owner Joe Lewis was charged with insider trading Tuesday, with the Department of Justice alleging he used his positions of power to ârepeatedlyâ provide inside corporate information to associatesâincluding âromantic partnersââwho allegedly made millions of dollars through stock trades.
Key Facts
Damian Williams, the U.S. attorney for the Southern district of New York, said in a video statement Tuesday that Lewis was indicted âfor orchestrating a brazen insider trading scheme,â alleging the billionaire gave insider information to âhis romantic partners, his personal assistants, his private pilots and his friends.â
Lewis faces more than a dozen charges, including securities fraud, following his indictment in New York, which also alleges he conducted insider trading for eight years.
Lewis is alleged to have passed on information about companies his investment firm, Tavistock Group, had an interest in, including Solid Biosciences, Australian Agricultural Co. and Mirati Therapeutics, according to Bloomberg.
Tavistock Group did not immediately respond to a request for comment.
Crucial Quote
âNone of this was necessaryâJoe Lewis was a wealthy man,â Williams said. âBut as we allege, he used inside information as a way to compensate his employees or shower gifts on his friends and lovers.â
Key Background
Lewis is the highest-profile investor to be prosecuted for insider trading trading this year by the office, according to Bloomberg. The billionaireâs Tavistock Group has more than 200 assets across 13 countries and is Lewisâ means of owning the storied London-based Tottenham Hotspur club, which Forbes valued at an estimated $2.8 billion this year. Lewisâ other dealings include investments into hotels, luxury club resorts and restaurants. He also owns an art collection that includes work from the likes of Picasso, Matisse and Freud.
Forbes Valuation
We estimate Lewisâ net worth at $6.1 billionâa figure that has grown by nearly $2 billion since 2020.
Further Reading
UK Billionaire Joe Lewis Charged in US With Insider Trading (Bloomberg)
Tottenham Hotspur owner Joe Lewis indicted over insider trading scheme (Sky News)