Tottenham Owner Charged With Insider Trading
Tottenham Hotspur owner Joe Lewis was indicted by New York prosecutors on Tuesday for running a “brazen insider trading scheme.” The 86-year-old billionaire is facing 16 counts of securities fraud and three counts of conspiracy.
Lewis has apparently been giving insider information to those close to him for years now. Friends, assistants, romantic partners and even pilots were given illegal tips by Lewis that made them millions in the stock market.
“None of this was necessary. Joe Lewis is a wealthy man. But as we allege he used inside information as a way to compensate his employees or shower gifts on his friends and lovers,” U.S. Attorney for the Southern District of New York Damian Williams said. “It’s cheating. And it’s against the law. Laws that apply to everyone, no matter who you are. That’s why Joe Lewis has been indicted and will face justice here in the Southern District of New York.”
Lewis was accused of passing along nonpublic information about companies such as Mirati Therapeutics, Solid Biosciences and Australian Agricultural Co. between 2019 and 2021. He was also accused of using shell companies and other means between 2013 and 2018 to hide his more than 20 percent stake in Mirati Therapeutics.
Lewis has yet to comment on his indictment.
This is terrible news for Tottenham. After a disappointing 2022-2023 Premier League season that saw the club miss out on qualification for European competition, Tottenham was looking to rebound and finish in the top four this season.
Now, however, transfers might begin to slow down as Lewis focuses on his indictment. What will this mean for Tottenham next year? Will this encourage the club to sell Harry Kane? Or is this merely a bump in the road for Spurs?
It will be interesting to see.
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