Joe Lewis: ex-Spurs owner and one of Britain’s richest billionaires avoids jail over insider trading scheme

British billionaire and former Tottenham Hotspur Football Club owner Joe Lewis has avoided a jail sentence after admitting that he helped organise an insider trading scheme that allowed those around him to make millions. Lewis, who acted as majority owner of Spurs between 1991 and 2022, tipped off his girlfriend, friends, and two of his private pilots with inside information on four publicly-traded companies, which they used to their advantage, according to prosecutors in New York.

Earlier this year in January, he pleaded guilty to one count of conspiracy to commit securities fraud and two counts of securities fraud, admitting in court that he was aware that he was breaking the law. However, prosecutors claimed the 87-year-old deserved leniency because of his age, bad health and his willingness to come to the US to face the charges, rather than force a protracted extradition battle.

In court on Thursday 4 April, the British billionaire was sentenced to three years probation and fined a total of £4m.

The Guardian reports that Lewis arrived in court with his family looking frail and wearing an eye patch. Prosecutor Jason Richmond said: “Even billionaires are not above the law.”

In a brief statement Lewis discussed his childhood during the Blitz in London: “At an early age, I learned how precious life is. I made a terrible mistake. I broke the law. I am ashamed, sorry, and I hold myself accountable. If you honour so desires, I wish to use the time I have left to make amends and build trust.”

Lewis founded Bahama-registered investment firm Tavistock Group and is one of the 500 richest people in the world, according to the US government. His fortune is estimated at around £4.9bn and his portfolio includes homes in several countries, a £197m yacht, private planes worth £71.2m and a £79m art collection. Lewis held a majority stake in Premier League side Tottenham Hotspur for more than two decades, a shareholding now owned by a trust on behalf of his family.