Tottenham's owner has been charged with 'brazen' insider trading by US authorities, and a British billionaire has been accused of conspiracy and 19 counts of securities fraud.

 

Joe Lewis, the primary owner of Tottenham Hotspur, has been accused of 'brazen' insider trading in the US.

On Tuesday, July 25, federal prosecutors charged that the 86-year-old disclosed confidential information "as a means to reward his employees or shower gifts on his friends and lovers."

US Attorney Damian Williams made a dramatic speech via video in which he announced that British billionaire Joe Lewis had been charged with running an atrocious insider trading scam.

We assert that Joe Lewis frequently disclosed inside knowledge to his love partners, personal assistants, private pilots, and friends. Joe Lewis allegedly misused his access to boardrooms of corporations for years.  

Because their stock market trades were based on insider information and were therefore sure things thanks to Lewis, those individuals made millions of dollars.

"Now, none of this was necessary," Williams continued. Joe Lewis has a lot of money. However, as we assert, he utilised insider knowledge to pay his staff or give gifts to his friends and girlfriends. Corporate corruption at its best. 

It is illegal and cheating, respectively. Joe Lewis has been charged and will stand trial in the Southern District of New York for this reason.

Tottenham stated in a statement made on Wednesday that "this is a legal matter unrelated to the club" and "as such, we have no comment."

Bahamas-based The Tavistock Group's founder, Lewis, is accused of more than a dozen offences, including securities fraud.

Additionally, he is believed to have given loans to the individuals he is charged with tipping off. 

Lewis is charged with 13 counts of securities fraud, each of which carries a 20-year maximum sentence, three counts of securities fraud, each of which carries a 25-year maximum sentence, and three counts of conspiracy, each of which carries a five-year maximum sentence. 

Lewis' solicitors, Skadden, Arps, Slate, Meagher & Flom, retaliated by announcing that they will 'vigorously' defend him against the 'ill-conceived' allegations.

David M. Zornow stated: "The government made an enormous error of judgement by accusing Mr. Lewis, an 86-year-old man of spotless integrity and prodigious success. 

"We will vigorously defend Mr. Lewis in court," the statement read. "Mr. Lewis has come to the US voluntarily to answer these ill-conceived charges."