By Aaron Miller-
Former Hot Spur owner, Joe Lewis,(pictured) known for his distinctive eye patch and his stake in Tottenham, dodged prison time despite admitting to what he termed a “terrible mistake” in his insider trading case.
The 87 year old billionaire was fined a staggering $5 million and sentenced to three years’ probation by US District Judge Jessica Clarke, who cited his frail health as a reason to forgo incarceration.
The British businessman, residing in the Bahamas, expressed remorse, stating, “I made a terrible mistake, I broke the law, I am ashamed, sorry, and hold myself accountable.”
Lewis’s plea came after he admitted to one count of conspiracy to commit securities fraud and two counts of securities fraud in January, part of an agreement with the US attorney’s office in Manhattan.
Originally charged with 16 counts of securities fraud and three counts of conspiracy, Lewis’s admission focused on specific counts related to a scheme allegedly designed to benefit his friends and associates.
Prosecutors accused him of passing inside information on his portfolio of companies to private pilots, friends, personal assistants, and romantic partners, enabling them to amass millions of dollars in profit.
The insider information included four companies he had invested in between 2019 and 2021, with pilots Patrick O’Connor and Bryan Waugh allegedly profiting significantly from his tips.
Those tips allowed the recipients to claim millions of dollars’ profit, prosecutors claimed.
Lewis’s guilty plea entailed significant penalties, including a £50 million fine for his Bahamas company Broad Bay, resignation from board seats at US companies, and relinquishment of majority ownership of fund Boxer Capital.
Lewis ultimately chose to accept the limited charges, leading prosecutors to seek leniency due to his cooperation and deteriorating health.
While O’Connor pleaded guilty and awaits sentencing, Waugh denies any wrongdoing and contends that charges against him should be dismissed.
Lewis’s decision to forego fighting extradition, combined with his health concerns, played a key role in the judge’s decision to spare him prison time.
His avoidance of jail, despite the gravity of his offenses, will spark debate over the fairness of sentencing in high-profile white-collar crime cases.