TOTTENHAM billionaire Joe Lewis has surrendered to the US authorities in Manhattan.
He is expected to appear in court later on Wednesday to face charges of insider trading.
US Attorney Damian Williams has accused the Spurs chief of “classic corporate corruption” by orchestrating a “brazen” insider trading scheme.
He claims the British billionaire shared confidential information with his romantic partners, personal assistants, private pilots and pals.
The tips enabled Lewis’ associates to reap millions of dollars in profit, prosecutors said.
Mr Williams said: “Now, none of this was necessary. Joe Lewis is a wealthy man.
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“But as we allege, he used inside information as a way to compensate his employees or to shower gifts on his friends and lovers.
“That’s classic corporate corruption. 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.”
But Lewis’ lawyer David Zornow said prosecutors “made an egregious error” in charging him and said his client had come to the US voluntarily to defend himself against the charges.
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Two of Lewis’ pilots, Patrick O’Connor and Bryan Waugh, were also charged with insider trading securities fraud.
Prosecutors said that in 2019 Lewis lent each pilot $500,000 (£387,000) and encouraged them to buy stock in oncology company Mirati Therapeutics before it released favorable clinical results.
O’Connor texted a friend that he thought “the Boss has inside info”, according to the indictment.
After Mirati announced the positive results, its share price increased 16.7 per cent in one day, and both pilots repaid Lewis for his loans, it is claimed.
Lewis, whose family trust controls a majority of the Tottenham Hotspur football team, is a self-made billionaire who was born in London – but rarely spends time in the UK.
He is worth $6.1 billion (£4.7million), according to Forbes magazine
According to the Forbes rich list, he has an estimated fortune of a whopping £4.3billion.
Lewis is the founder and primary investor of Bahamas-based investment firm Tavistock Group.
He bought a controlling stake in the Premier League club from Lord Sugar in 2001 for £22million.
Lewis officially ceded control of the club last year, with Bahamian lawyer Bryan A Glinton replacing him as a director according to Companies House.
His stake in the club – which he held through the ENIC Group alongside Daniel Levy – was formally handed to a family trust last year.
Family members of Lewis remain beneficiaries of the trust.
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It is understood the Premier League does not consider Lewis as a person with control at Tottenham, and therefore not subject to its owners’ and directors’ test.
A Tottenham club spokesman said: “This is a legal matter unconnected with the club and as such we have no comment.”
Source: Soccer - thesun.co.uk
