Joe Lewis, the billionaire whose family owns a majority stake in Tottenham, has spoken of his embarrassment after pleading guilty to passing inside information to his private pilots and girlfriend. The 86-year-old admitted one charge of conspiracy to commit securities fraud and two counts of securities fraud in a New York courtroom on Wednesday.
Lewis had initially pleaded not guilty to 16 counts of securities fraud and three counts of conspiracy last July after being accused of passing on tips about companies to friends, romantic partners and private pilots. Prosecutors said that Lewis helped them to make millions of dollars in profits by orchestrating a ‘brazen insider trading scheme’.
The former Tottenham owner, who is said to have amassed a personal fortune in excess of £5.8billion, is due to be sentenced in March for his alleged crimes taking place between 2013 and 2021. Speaking in court on Wednesday, Lewis explained that he felt ‘so embarrassed’ and admitted that he knew he had done wrong.
Per Bloomberg, he said: “I am so embarrassed and I apologize to the court for my conduct. While I possessed material non-public information about certain publicly traded companies, I agreed to make recommendations. I knew at the time what I was doing was wrong and I’m so embarrassed.”
Lewis’ lawyer, David Zornow, said that his client will have the right to appeal if he is sentenced to prison time as part of his deal with US authorities. He surrendered to the FBI before he was released on a £235million bond, which was secured by his superyacht and personal aircraft.
The private pilots involved in the case, Patrick O’Connor and Bryan Waugh, were also charged after entering not guilty pleas last July. They each face seven counts of securities fraud and one count of conspiracy, which carry a maximum prison sentence of between five and 25 years.
Lewis holds a number of assets through his Tavistock Group investment portfolio including ENIC, which purchased a controlling stake in Tottenham back in 2001. The ownership of ENIC was passed to the Lewis Family Discretionary Trust last October and Lewis is not a beneficiary, meaning he does not fall under Premier League rules barring owners who face criminal investigations.
The British billionaire has not had significant control of Tottenham since the ownership of ENIC changed hands, with the family trust managed by two independent trustees. Spurs issued a brief response to the charges surrounding Lewis by way of a statement, in which they described the scandal as a ‘legal matter unconnected with the club’.
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