Joe Lewis, the British billionaire who heads the family that owns Tottenham Hotspur, was spared jail time for his role in a "brazen" insider trading conspiracy on Thursday. Instead, a New York judge fined the 87-year-old $5 million and sentenced him to three years of probation, taking into account his age, health issues, and voluntary return to the United States to face punishment.

Lewis, who had faced up to 45 years in prison if convicted at trial, arrived in court looking frail and wearing an eye patch. Prosecutor Jason Richmond acknowledged the seriousness of the offense, stating, "Even billionaires are not above the law," but also recognized mitigating factors, including Lewis's deteriorating health and his decision to return to the US to face charges.

Judge Jessica Clarke emphasized the severity of the crime, saying, "Crimes like insider trading strike at the integrity of our markets," but ultimately decided that Lewis's circumstances did not warrant incarceration due to the "serious risk" he would face if imprisoned. In addition to Lewis's personal fine, his company Broad Bay was fined $44 million, bringing the total fine and restitution to $49 million.

 

In a brief statement to the court, Lewis reflected on his childhood during the Blitz in London, saying, "At an early age, I learned how precious life is. I made a terrible mistake. I broke the law. I am ashamed, sorry, and I hold myself accountable. If your honor so desires, I wish to use the time I have left to make amends and rebuild trust."

Lewis, born above a pub in London's East End, built his fortune by turning his father's catering business into a chain of themed restaurants and later venturing into currency trading. He founded the Tavistock Group, which has stakes in over 200 companies, including Spurs, biotechnology and agriculture ventures, financial services, luxury hotels, resorts, and retail. Lewis and his family have a net worth of $7.2 billion, according to the Bloomberg billionaires index.

Last July, Lewis was indicted on 16 counts of securities fraud and three counts of conspiracy to commit fraud. U.S. Attorney Damian Williams described the scheme as a "brazen" effort to enrich Lewis's friends, lovers, and employees, including two private jet pilots, by providing them with confidential information to make millions of dollars betting on the stock market.

As part of his $300 million bond to secure his release, Lewis agreed to surrender his private yacht Aviva and his personal plane, with restrictions on its use. He was also confined to New York, northern Georgia, and Florida, with international travel prohibited.

The allegations against Lewis included a 2019 tip-off to co-defendants Patrick O'Connor and Bryan "Marty" Waugh, both pilots of his private plane, to sell stocks in a troubled Australian beef producer, and a tip-off to then-girlfriend Carolyn Carter to purchase shares in a biotech company after learning of an upcoming private investment and clinical trials.

In January, Lewis pleaded guilty to reduced charges after prosecutors agreed to a non-custodial sentence, retaining his right to change his plea if a custodial sentence were imposed. Co-pilot O'Connor also changed his plea and admitted to insider trading and securities fraud, while co-pilot Waugh has pleaded not guilty and is scheduled to go to trial in June.