UK billionaire Joe Lewis avoids jail, fined US$5 million by US judge for insider trading
- The 87-year-old Tavistock Group founder, who shared illegal stock tips, will serve 3 years of probation after prosecutors and his lawyers asked for leniency
- Lewis, whose family owns the Tottenham Hotspur football club, has major health issues, and his doctors have said that a prison sentence could be lethal
A US judge ordered British billionaire Joe Lewis on Thursday to pay a US$5 million fine and serve three years of probation for sharing illegal stock tips, allowing an investment firm’s 87-year-old founder to avoid prison after prosecutors and his lawyers urged leniency.
US District Judge Jessica Clarke in Manhattan sentenced Lewis, who pleaded guilty in January to one count of conspiracy and two counts of securities fraud.
Lewis, founder of the Tavistock Group, sat flanked by his lawyers as the sentence was imposed, wearing a grey suit and an eye patch. He told the judge he was ashamed of what he had done.
“I am here today because I made a terrible mistake,” he said.
The judge agreed that Lewis could leave the US on his private aircraft on Thursday night, though his yacht, the Aviva, will be held until his fine is paid.
