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Joe Lewis, the British billionaire owner of Premier League club Tottenham Hotspur has been arrested
The United State Prosecutors confirmed the arrest on Wednesday ahead of his court appearance in New York on insider trading charges.
The 86-year-old Lewis is accused of engaging in a "brazen" scheme, allegedly providing employees and romantic partners with inside information for years, resulting in millions of dollars in profits.
Damian Williams, the Attorney for the Southern District of New York, revealed that Lewis, based in the Bahamas, had been indicted along with two co-conspirators. The defendants were arrested on the same day and were expected to appear in court.
According to the prosecutors, the Tottenham boss abused his access to corporate boardrooms to repeatedly furnish inside information to personal assistants, romantic partners, private pilots, and friends.
These individuals then traded on the inside information, reaping significant gains in the stock market, thanks to Lewis's purportedly surefire tips.
The attorney described the scheme as "classic corporate corruption," with Lewis allegedly using the inside information as a means of compensating employees or providing gifts to friends.
Facing a total of 16 counts of securities fraud, some of which carry a maximum sentence of 25 years in prison, and three conspiracy counts with a maximum sentence of five years, the Tottenham owner now awaits legal proceedings.
The two alleged co-conspirators are identified as Patrick O’Connor, 66, and Bryan Waugh, 64, both pilots employed by Lewis to fly his private aircraft.
Joe Lewis is recognized as one of Britain's wealthiest individuals, boasting an estimated fortune of $6 billion. He made a name for himself as a currency speculator in the 1980s and early 1990s.
In 2001, Lewis's holding company ENIC acquired a controlling interest in Tottenham Hotspur from the former owner, Alan Sugar, another prominent British tycoon.
The arrest has sent shockwaves through the football community, and the situation will likely be closely monitored as it unfolds.
