A British billionaire whose family is known for owning the Tottenham Hotspur soccer club will not spend time in prison after pleading guilty to insider trading and conspiracy in New York.
Judge G.L. Clarke cited billionaire Joe Lewis’ decision to promptly come to the United States to face charges, his failing health, and a lifetime of good work in ruling that Lewis will face only three years on probation and a $5 million fine rather than a prison sentence.
Lewis, who is 87 and was wearing an eye patch as his hand shook steadily throughout the one-hour proceeding in a Manhattan federal court, has remained in the United States since last July. Before his sentencing, Lewis spoke about growing up in England during World War II, how “precious” life is, and how he decided to devote much of his own to finding a cure for “horrendous diseases.”
In a statement made to Judge G.L. Clarke, Lewis is quoted as saying: “Your honor, I’m here today because I made a terrible mistake. I’m ashamed.”
Lewis stated that he “hoped to make amends” and to “rebuild the trust that he has squandered” for the remainder of his life.
United States sentencing guidelines had called for citizens of the United Kingdom and residents of the Bahamas to serve 18 months to two years behind bars, but even prosecutors agreed that time behind bars was not necessary.
At his plea hearing in January, Lewis admitted that he agreed in 2019 to share secrets about publicly traded companies with multiple individuals. Prosecutors said afterward that his company, Broad Bay Limited, and Lewis himself would pay $50 million in financial penalties—the largest penalty for insider trading in a decade. His lawyer stated on Thursday that the money was in escrow and ready to be paid, and plans were for him to leave the United States for the Bahamas on April 11.
In their presentence submission, prosecutors wrote that Lewis deserved leniency due to his age and because he “battles significant health issues” that would cause a term of imprisonment to be more difficult for him than it would for others. They cited his acceptance of responsibility by voluntarily surrendering rather than forcing an extradition battle, and stated that he’d “otherwise lived a law-abiding life.”
The government has noted that Lewis is recognized as one of the 500 richest people in the world, with homes in several countries, a $250 million yacht, private planes valued at $90 million, and an art collection worth $100 million. His fortune totals approximately $6.2 billion.
When the judge announced the sentence, she said that it was “clear… that Mister Lewis’s life would be at serious risk if he were to be incarcerated.” Defense attorneys added in their presentence submission that Lewis is “nearing the end of his life in declining health.”
Prosecutors claimed that the insider activity might have resulted from “hubris, ego, a desire to make a financial gift without parting with his own money, an irrational form of greed, or some other reason.”
“This insider trading was not the result of aberrant, one-time conduct, but rather, a troubling pattern of misconduct over the course of several years,” they wrote.
Regardless, prosecutors claim it was “clear that Lewis believed he was above the law—that he had achieved a level of wealth and stature that relieved him from having to operate by the same rules that apply to everyday investors.”
Upon leaving the courthouse, Lewis was surrounded by aides who blocked members of the media from taking pictures as he walked a small distance to a waiting vehicle.
