British billionaire Joe Lewis gets no prison time at sentencing for insider trading
British billionaire Joe Lewis will not go to prison after pleading guilty to insider trading charges
NEW YORK — British billionaire Joe Lewis, whose family trust owns the Tottenham Hotspur soccer club, will not spend any time in prison after he pleaded guilty to insider trading and conspiracy charges in New York, a federal judge said Thursday.
Judge G.L. Clarke cited his decision to promptly come to the United States to face charges and his failing health, along with a lifetime of good works, in ruling that he will face three years on probation and a $5 million fine rather than time behind bars.
Lewis, 87, was wearing an eye patch and one of his hands shook steadily throughout the one-hour proceeding in Manhattan federal court. He has remained in the United States since last July.
Before he was sentenced, Lewis spoke briefly, saying he learned as he grew up in England during World War II how “precious life is" and decided to spend much of his life devoting himself to finding a cure for “horrendous diseases.”
“Your honor, I’m here today because I made a terrible mistake. I’m ashamed,” he said.
Lewis said he hoped “to make amends and to rebuild the trust that I have squandered” in the remainder of his life.
U.S. sentencing guidelines had called for Lewis, a citizen of the United Kingdom and resident of the Bahamas, to serve 18 months to two years behind bars. Even prosecutors, though, agreed time behind bars was not necessary.
At his January plea, Lewis admitted that he agreed in 2019 to share secrets about publicly traded companies with several individuals. Prosecutors said afterward that his company, Broad Bay Limited, and Lewis would pay $50 million in financial penalties, the largest financial penalty for insider
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