NEW YORK (AP) – Joe Louis, the British billionaire whose family trust owns Tottenham Hotspur soccer club, has no intention of going to prison after pleading guilty to insider trading and conspiracy charges in New York. No, a federal judge announced Thursday.
In sentencing Lewis to three years’ probation and a $5 million fine rather than a prison term, Judge G.L. Clark cited Lewis’ decision to come to the United States quickly to press charges and his deteriorating health. , and a lifetime of good deeds. .
British billionaire Joe Louis pleads not guilty to insider trading in New York court appearance
Mr. Lewis, 87, wore an eyepatch and one hand was shaking during the hour-long hearing in federal court in Manhattan. He has been in the United States since July last year.
Joe Louis arrives in Manhattan federal court for sentencing on Thursday, April. New York, 4th 2024. Mr. Lewis pleaded guilty in January to insider trading and conspiracy charges and said he was embarrassed by his crimes. Lewis’ family trust owns Tottenham Hotspur football club. (AP Photo/Gina Moon)
Before sentencing, Lewis spoke briefly, saying he learned how “precious” life was while growing up in England during World War II, and that he spent much of his life focused on finding cures for “horrible diseases.” He said that he decided to dedicate the
“Your Excellency, I am here today because I made a terrible mistake. I am ashamed,” he said.
Lewis said she wants to spend the rest of her life “making amends and rebuilding the trust that I lost.”
U.S. sentencing guidelines called for 18 months to two years in prison for Lewis, a British national and resident of the Bahamas. However, prosecutors also agreed that no custodial period was necessary.
During his January plea, Lewis acknowledged that in 2019 he agreed to share secrets about publicly traded companies with multiple individuals. Prosecutors later announced that Mr. Lewis’ company, Broadbay Limited, and Mr. Lewis would pay $50 million in penalties, the largest fine for insider trading in a decade.
His lawyer said Thursday that the money was in escrow and ready to be paid, and that he was scheduled to leave the United States for the Bahamas on Thursday night.
Prosecutors wrote in their filing that Lewis deserves a lenient punishment because he is older and “suffers from significant health issues,” which would make him harder to serve than others. Ta.
They cited his acceptance of responsibility by voluntarily surrendering rather than forcing a lengthy extradition fight, saying he had “otherwise led a law-abiding life.”
The government also noted that Mr. Lewis was recognized as one of the world’s 500 richest people, with approximately $6.2 billion in assets as of February, including in homes in several countries. A $250 million yacht. Commercial aircraft worth $90 million and art collections worth $100 million.
Announcing the sentence, the judge said: “It is clear that Mr Lewis’s life would be in serious danger if he were to be sent to prison.”
Lewis’ “health is declining and he is nearing the end of his life,” defense attorneys said in their filing.
They said Lewis was aware that his conviction would prevent him from returning to the United States to see his children, grandchildren and great-grandchildren who live there.
Lewis was no ordinary defendant from the beginning. Less than a year after his arrest, he was released on $300 million bail, backed by a yacht and a private plane.
Prosecutors said in court documents that Mr. Lewis learned of the secrets of publicly traded companies after making large investments. They say he was able to profit from the secrets by informing his girlfriend, private pilot, employees and friends on at least four occasions.
“This insider trading was not the result of a one-time erratic act, but rather a troubling pattern of illegal conduct spanning several years,” they wrote.
Prosecutors said insider activity could have stemmed from “arrogance, ego, a desire to make financial gifts without parting with their own money, irrational forms of greed, or other reasons.” .
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But despite this, “Lewis believed he was above the law, achieving such wealth and stature that he did not have to operate by the same rules that applied to everyday investors. That is clear,” the prosecutor said.
As he left the courthouse, Mr. Lewis was surrounded by his entourage, blocking members of the media from walking the short distance to waiting vehicles.
