Tottenham Hotspur’s owner, one of the largest soccer clubs in Europe, pleaded guilty to insider trading Wednesday, saying he was “embarrassed” by his actions.
The U.S. Attorney's office in Manhattan charged Joe Lewis with insider trading for passing along non-public insider information to his friends and personal pilots, allowing them to profit off of news that had not yet been released to the public.
Lewis made his fortune running restaurants, shorting the pound with George Soros in the 1990s, netting billions of dollars on the trade.
Reuters reports that Lewis is set to be sentenced on March 28 in New York, coinciding with Sam Bankman-Fried’s sentencing at the same courthouse. Lewis's sentencing is scheduled for the morning, followed by SBF’s in the afternoon.
But being sentenced on the same day and in the same courthouse is not the pair’s first connection. Lewis, through his private investment firm Tavistock, is an investor in the Bahamas waterfront luxury real estate development Albany, where Bankman-Fried lived and was arrested in 2022, according to Reuters.
The Details: Through Tavistock, Lewis held investments in various companies, including a number of biotech companies. Lewis tipped off friends, including his ex-girlfriend and private pilots, allowing them to invest in said biotech companies before positive news was announced, according to Reuters.
SBF and Lewis are also connected through Deltec Bank’s owner Jean Chalopin, who sold Lewis the “Albany House” property in the Bahamas in 2014, according to Protos. Chalopin was also the primary banker for FTX, and helped the company and Bankman-Fried get regulatory clearance in the Bahamas through the DARE Act.
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