In a significant development, billionaire Joe Lewis, formerly associated with bankrupt crypto exchange FTX and known for owning a Premier League football club, has pleaded guilty to 19 fraud charges related to insider trading in the United States.
Lewis, who had sold over $76 million worth of property in the Bahamas to Sam Bankman-Fried, the founder of FTX, acknowledged his involvement in a scheme to benefit friends and associates.
Securities Fraud Scandal
According to a Reuters report, under the agreement with the US Attorney’s office in Manhattan, Lewis, 86, pleaded guilty to one count of conspiracy to commit securities fraud and two counts of securities fraud.
However, his lawyer, David Zornow, stated that Lewis retains the right to appeal if the judge imposes a prison sentence. The sentencing is scheduled for March 28.
The charges against Lewis, whose family trust wields majority control over the Tottenham Hotspur soccer team, stem from allegations that he provided inside information on his portfolio companies to private pilots, friends, personal assistants, and romantic partners.
Prosecutors claim that these individuals allegedly used the privileged information to amass millions of dollars in profits.
During the hearing, Lewis addressed US District Judge Jessica Clarke, expressing regret for his behavior. Lewis admitted his actions were wrong and stated, “I am so embarrassed, and I apologize to the court for my conduct.” Notably, Lewis had initially pleaded not guilty when charged in July.
Federal prosecutors leveled 16 counts of securities fraud and three conspiracy charges against Lewis, covering misconduct between 2013 and 2021.
Although Lewi
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Author: Ronaldo Marquez
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