Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Billionaire Joe Lewis avoids prison in US insider trading case

by April 5, 2024
April 5, 2024
Billionaire Joe Lewis avoids prison in US insider trading case

British billionaire Joe Lewis, the former owner of Tottenham Hotspur, has avoided a prison sentence in the United States for insider trading.

At 87 years old, Lewis was sentenced to three years’ probation and fined $5 million in a federal court in Manhattan. This decision comes after Lewis pleaded guilty in January, facing a potential prison term of 18 months to two years under American sentencing guidelines.

Judge Jessica Clarke cited Lewis’s age, ill health, and remorse as factors warranting a more lenient sentence. She expressed concern that imprisonment would pose a serious risk to Lewis’s life. In addition to the $5 million fine, Lewis’s investment firm, Broad Bay, was fined an additional $44 million, bringing the total penalty to $49 million.

During the court proceedings, Lewis, wearing a black eye patch, was visibly unwell and shaky, requiring assistance from family members. He expressed remorse for his actions, acknowledging his mistake and pledging to make amends.

Lewis was indicted by the Department of Justice in July last year for orchestrating an insider trading scheme. Although he did not personally benefit, Lewis provided lucrative financial secrets to associates, resulting in more than $500,000 in profits for them.

While prosecutors described the insider trading as calculated, they acknowledged Lewis’s age and health condition, refraining from seeking a prison sentence. Lewis’s defence emphasised his deteriorating health since the indictment and the potential catastrophic impact of imprisonment.

In sentencing Lewis, Judge Clarke emphasized the seriousness of insider trading, noting its impact on market integrity. However, she considered Lewis’s age, lack of prior offenses, and early guilty plea in determining a non-custodial sentence. She also recognised Lewis’s business success and philanthropic contributions.

Aviva mega yacht, owned by British billionaire businessman Joe Lewis, moored in the port of Malaga

Lewis, one of the 500 richest people globally, is a resident of the Bahamas and owns significant assets worldwide. Despite his wealth, Lewis’s early life was marked by hardship, including being separated from his family during the Blitz in London.

Lewis’s case is part of a broader investigation into insider trading, with one co-conspirator pleading guilty, and another set to go to trial in June.

Read more:
Billionaire Joe Lewis avoids prison in US insider trading case

0
FacebookTwitterGoogle +Pinterest
previous post
World Central Kitchen workers possibly killed by ‘perfectly accurate’ Israeli Spike missiles: report
next post
Revenge travel: how automated marketing can help build customer loyalty

You may also like

The Art of Safeguarding Digital Infrastructures

October 18, 2024

How To Buy Bitcoin With PayPal?

February 23, 2024

Government announces closure of Help to Grow: Digital...

December 15, 2022

How Can You Help Your Investments Weather the...

October 24, 2022

Barclays cuts bankers’ bonuses after profits fall

February 15, 2023

10 Important Lessons Businesses Can Take from Other...

April 11, 2025

What SMEs should look for to get a...

June 27, 2024

Regions with easier commutes lead office return

February 15, 2023

How to Decarbonise Your Fleet

February 18, 2025

One-third of homes for sale now chain-free as...

October 4, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump ally stands firm against ‘big, beautiful bill’ despite pressure: ‘It’ll completely backfire’

      June 8, 2025
    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,571)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved