Author: Soorya G
Joe Lewis, owner of Premier League side Tottenham Hotspur, has been accused of involvement in a major insider trading scheme in the United States. The businessman allegedly used his presence on the boards of prominent companies to give his personal contacts tips on how to make large sums of money on the stock market.
Defense lawyer David Zornow argued that the charges against his client were a “blatant error of judgment” and added that the case would be fought tooth and nail. Perhaps as a kind of indicator of innocence, Zornow said his client made the trip from the Bahamas to the US to fight what he called ill-conceived accusations.
The charges brought against Lewis refer to 16 counts of securities fraud, all of which occurred between 2013 and 2021. In addition, allegations of three counts of conspiracy to commit fraud were also made against the 86-year-old. The modus operandi of the alleged crimes is said to be Lewis’ access to high-level information in some of the largest listed companies, which he used to divulge to his close associates, including romantic partners, friends and assistants. The connections who received inside information are accused of using it to generate substantial profits on the stock market.
Williams pointed out that Lewis’s acquaintances described his investments as “certain” because of his supposed inside information. The prosecution cited a driver who texted a friend about borrowing money from Lewis, suggesting that the “boss has inside information” for such investments.
Notably, the charges do not directly affect Tottenham Hotspur, as the club declared that Lewis was “no longer a person with significant control at the club” in a statement to Companies House last October.
The charges have attracted significant focus on this issue, and Joe Lewis’ lawyer, David Zornow, will contest the allegations on behalf of his client. As this prominent case progresses, the sporting world will be watching its progress carefully, although at the moment it does not appear to have any direct repercussions on Tottenham Hotspur or its operations.