Federal prosecutors revealed on Wednesday that Joe Lewis, a wealthy real estate businessman whose family owns Tottenham Hotspur football club, had surrendered to US authorities in New York.
Regarding numerous alleged instances of insider trading, Lewis was charged on Tuesday with 19 counts, including securities fraud and conspiracy to commit securities fraud and make false statements.
The 86-year-old, who is one of the wealthiest men in Britain, is accused of giving confidential information about the companies he had invested in to coworkers, associates, friends, and romantic partners, and loan some of them hundreds of thousands of dollars so they could profit from the information.
The indictment, which was announced on Tuesday in federal court in Manhattan, alleged that Lewis and his friends used the “stolen” material, which included encouraging clinical trial findings, to collectively earn millions of dollars.
Lewis is alleged to have shared information about publicly traded life science companies Solid Biosciences and Mirati Therapeutics, as well as beef producer Australian Agricultural Company (AAC) and a special purpose acquisition company, BCTG. Lewis’ investments are primarily held through a portfolio company, Tavistock Group.
The US attorney for the Southern District of New York, Damian Williams, claimed Lewis had “abused his access to corporate boardrooms” and that the insider information he shared made his companions’ “bets a sure thing.”
Williams said in a video statement that “he used inside information as a way to pay his employees or to shower gifts on his friends and lovers.” It’s illegal and cheating, respectively.
