'Tottensam Owner Avoids Prison in "Investment Information Leak" Case...6.7 Billion Won Fine'

Joe Lewis (87), the owner of Tottenham Hotspur, an English Premier League (EPL) football club, who was indicted in the United States for leaking investment information to acquaintances, has avoided prison time.

[Image source=Reuters Yonhap News]

According to the Wall Street Journal (WSJ) and others, the U.S. District Court in Manhattan, New York, on the 4th (local time), sentenced Lewis to a $5 million (approximately 6.75 billion KRW) fine and 3 years of probation. Lewis was indicted by the Manhattan federal prosecutors in July last year on insider trading charges for leaking confidential information about a company he had invested in to acquaintances such as his girlfriend, poker friends, and a private jet pilot. It is understood that these acquaintances made millions of dollars using this confidential information.

On that day, the prosecution sought leniency, citing Lewis’s acceptance of guilt through a plea agreement, his cooperation with the authorities’ investigation, and his advanced age and deteriorating health. Judge Jessica Clarke stated, "Lewis’s crime is serious," but also noted that he is much older than most inmates in prison and has medical needs, concluding that "his life could be at risk if incarcerated." The original federal sentencing guidelines recommended 18 to 24 months of imprisonment.

Dressed in a suit and wearing an eye patch in court, Lewis apologized, saying, "I broke the law. I am ashamed and sorry. I will take responsibility." He also said he would use the remaining time to rebuild trust. According to the Bloomberg Billionaires Index, his and his family’s net worth is about $7.2 billion. Forbes reported that if Lewis had served prison time, he would have been the oldest white-collar criminal to do so to date.

Lewis’s company, Broad Bay, also pleaded guilty to securities fraud and was fined $44 million. Patrick O’Connor, a pilot who received information from Lewis and invested, also pleaded guilty to insider trading charges and is scheduled for sentencing in May. Another pilot, Brian Worr, is set to stand trial later this year.

This content was produced with the assistance of AI translation services.