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British Billionaire Joe Lewis Arrested for Insider Trading: Puts Up Superyacht & Plane for $300M Bond
Edited by: TJVNews.com
British billionaire and owner of the Tottenham Hotspur soccer club, Joe Lewis, has found himself embroiled in a high-profile legal battle after surrendering to federal authorities in New York, as was reported by the New York Post on Wednesday. He is facing insider trading charges, accused of providing confidential information to various individuals in his life, who allegedly made millions using this insider knowledge on the stock market. According to the Post report, in a dramatic bid to secure his freedom, Lewis has put up his luxurious superyacht “AVIVA” and private plane as collateral for a staggering $300 million bond.
The Tottenham Hotspur Football Club, is a professional football club based in Tottenham, London, England. It competes in the Premier League, the top flight of English football. The team has played its home matches in the 62,850-capacity Tottenham Hotspur Stadium since April 2019, replacing their former home of White Hart Lane, which had been demolished to make way for the new stadium on the same site.
Tottenham were the first club in the 20th century to achieve the League and FA Cup Double, winning both competitions in the 1960–61 season. After successfully defending the FA Cup in 1962, in 1963 they became the first British club to win a UEFA club competition – the European Cup Winners’ Cup. They were also the inaugural winners of the UEFA Cup in 1972, becoming the first British club to win two different major European trophies. They collected at least one major trophy in each of the six decades from the 1950s to 2000s, an achievement only matched by Manchester United.
Joe Lewis, 86, was arrested on charges of securities fraud and conspiracy, the Post noted. Federal authorities claim that he shared confidential information about several companies, including Mirati Therapeutics, Solid Biosciences, and Australian Agricultural Co. As was reported by the Post, the indictment also alleges that Lewis concealed his over 20% stake in Mirati, a cancer therapy company, from 2013 to 2018. This alleged deception aimed to defraud not only investors but also Mirati and the US Securities and Exchange Commission.
To secure his release on bail, Lewis had to put up an astounding $300 million. His collateral for this monumental bond consists of his superyacht “AVIVA,” valued at $250 million and built in 2017, and his personal plane. The yacht is an impressive 322 feet in length, making it one of the largest yachts globally, according to Yachtbible.com, as was reported by the Post. As per the agreed-upon bail conditions, Lewis must keep the FBI informed about the yacht’s movements and can only use his private plane for travel to court appearances.
Despite the staggering bail amount, the court imposed strict conditions on Lewis. The Post report indicated that he is not allowed to leave the United States and must limit his travel to specific areas in New York and Florida. As the owner of the Tottenham Hotspur soccer club, these restrictions could significantly impact his ability to manage the team and conduct business abroad, the Post report added.
The prosecution claims that Lewis not only provided inside information but also actively assisted individuals in investing based on this confidential intel. The Post reported that one instance involves Lewis wiring $1 million to two pilots, identified as Patrick O’Connor and Bryan Waugh, in October 2019, so they could buy shares of Mirati. The pilots allegedly repaid the money after the stock’s value surged by 16.7% following a successful clinical trial announcement, according to the Post report.
Joe Lewis’ defense attorney, David Zornow, has vehemently denied the charges, asserting that the billionaire is a man of “impeccable integrity and prodigious accomplishment,” the Post report said. Zornow argues that the government has made an error in judgment and that Lewis voluntarily came to the US to address the charges. The defense team vows to vigorously defend Lewis in court, the reported added.
With court proceedings scheduled for September 5, the financial world eagerly awaits the outcome of this high-profile insider trading case.
