British billionaire Joe Lewis, owner of the Tottenham Hotspur soccer club, is facing sentencing in New York after pleading guilty to insider trading and conspiracy charges. At 87 years old, Lewis could potentially avoid prison time due to his age, health issues, and cooperation with authorities.
Prosecutors revealed that Lewis shared confidential information about publicly traded companies with multiple individuals in 2019. As part of his plea agreement, Lewis and his company will pay a $50 million penalty, the largest for insider trading in a decade.
Despite the recommended 18 months to two years imprisonment under U.S. sentencing guidelines, Lewis's legal team argued for leniency citing his advanced age and declining health. They proposed a three-year probation period and a $5 million fine instead.
Prosecutors highlighted Lewis's immense wealth, valued at $6.2 billion, and his extravagant assets including multiple homes, a $250 million yacht, private planes worth $90 million, and a $100 million art collection.
Described as one of the 500 richest individuals globally, Lewis's insider trading activities were characterized as a pattern of misconduct over several years. Prosecutors suggested that his actions may have stemmed from hubris, ego, or a sense of entitlement due to his wealth and status.
While Lewis awaits his sentencing, he remains free on a $300 million bail, secured by his yacht and private plane. The court's decision on his punishment will determine whether he will serve time in prison or face alternative penalties.
