President Donald Trump granted a pardon to British billionaire Joe Lewis, whose family trust holds ownership of the Tottenham Hotspur soccer club, over a year after he paid a $5 million fine for his guilty plea to insider trading and conspiracy charges in New York, officials announced Thursday.
TL;DR
- President Donald Trump granted a pardon to British billionaire Joe Lewis for insider trading and conspiracy convictions.
- Lewis, owner of Tottenham Hotspur, pleaded guilty in January 2024 to disclosing confidential corporate information.
- He sought the pardon for medical care and to visit family in the U.S.
- Lewis was fined $5 million and faced over $50 million in additional penalties.
An official from The White House, speaking anonymously to discuss a pardon not yet made public, stated that Lewis, 88, had sought a pardon to get medical care and see his grandchildren and great-grandchildren in the U.S.
Lewis pleaded guilty admitted in January 2024 that he understood it was improper to disclose confidential corporate information, obtained from board meetings concerning publicly traded firms, to individuals who subsequently purchased stock in those companies. He was released on $300 million bail when he entered his plea.
Prosecutors and an indictment state that Lewis disclosed the confidential information to acquaintances, staff, and romantic partners between 2019 and 2021, encouraging them to capitalize on the insights.
A New York federal court judge, G.L. Clarke, opted not to sentence him to prison, pointing to his declining health and a history of positive contributions when handing down his sentence in April 2024.
“Your honor, I’m here today because I made a terrible mistake. I’m ashamed,” Lewis said at sentencing.
He also said he planned “to make amends and to rebuild the trust that I have squandered” for the remainder of his life.
In addition to the sentencing fine, court proceedings also disclosed that Lewis and Broad Bay Limited, one of his companies, would incur over $50 million in financial penalties.
Lewis possesses wealth that Forbes once estimated at over $6 billion, encompassing holdings in property, biotech, energy, farming, and other sectors. In 2001, he acquired a stake in Tottenham Hotspur, a prominent English football club with a rich history.
Under his ownership, the Premier League club built a state-of-the-art stadium at an estimated cost of more than $1 billion.
Currently, a trust established for the benefit of Lewis's relatives holds the largest stake in ENIC, the entity that possesses the team. Lewis himself does not receive benefits from this trust and gave up management of the club in October 2022, as indicated by company documents.
Lewis' Tavistock Group holds ownership stakes in more than 200 global enterprises, as indicated on its website, and his art holdings feature pieces from renowned artists like Picasso, Matisse, and Degas. His professional network extends to figures such as Tiger Woods, Ernie Els, and Justin Timberlake, with whom he co-developed a Bahamian beachfront resort that debuted in 2010.