Joe Lewis has been indicted in New York for 'orchestrating a brazen insider trading scheme'.
It is alleged between 2013 and 2021 that the 86-year-old shared company information with friends, partners, and employees.
US attorney Damian Williams of the Southern District of New York delivered a statement to reveal the charges. The businessman faces a 19-count indictment which includes 16 counts of securities fraud, plus three counts of conspiracy.
Lewis owns the Tavistock Group, which holds the majority stake in Tottenham.
The owner of the club is ENIC, with majority control held by a Family Discretionary Trust, of which Lewis is not a beneficiary
Williams said: "My office has indicted Joe Lewis, the British billionaire, for orchestrating a brazen insider trading scheme. We allege that for years Joe Lewis abused his access to corporate boardrooms and repeatedly provided inside information to his romantic partners, his personal assistants, his private pilots, and his friends.
"Those folks then traded on that inside information and made millions of dollars on the stock market because - thanks to Lewis - those bets were a sure thing.
"Now, none of this was necessary. Joe Lewis is a wealthy man. But as we allege he used inside information as a way to compensate his employees or shower gifts on his friends and lovers. It is classic corporate corruption.
"It's cheating and it's against the law. That's why Joe Lewis has been indicted and will face justice here in the Southern District of New York."
Lewis is estimated to be worth more than £5billion and was ranked 39th in this year's Sunday Times Rich List. He bought a controlling stake in Spurs from Sir Alan Sugar in 2001 for £22million.
A short Tottenham statement reads: “This is a legal matter unconnected with the club and as such we have no comment.”
Ange Postecoglou, as well as chairman Daniel Levy, will be hoping the situation has minimal impact on the club's business on and off the field for the remainder of this summer.
At The Herald and Times we know the importance of reaching you where it's convenient, which is why we've engaged top sportswriter James Morgan to bring you an irreverent daily update on what's happening in the world of sport. Be it football, golf, rugby, cricket or something more exotic, James will tread where the best stories take him. To get this bespoke piece sent directly to your email inbox for free every day at 5pm, simply take 5 seconds to type in your email here. It's that simple!
