UK Billionaire Faces Insider Trading Raps In U.S.

British billionaire and Tottenham soccer team owner Joe Lewis has been indicted on charges of leaking confidential stock tips to his romantic partners, private pilots, and other pals, US prosecutors said Tuesday (Wednesday, July 26, 2023, in Manila), Jennifer Peltz reported for the Associated Press (AP).

Photo Insert: Tottenham Hotspur stadium.

Lewis exploited his entrée to various corporations to reap lucrative secrets, passed them on to people in his own inner circle, and prompted them to trade on the knowledge, prosecutors said.

They said the stock transactions made millions of dollars for Lewis and his cronies.

“As we allege, he used insider information as a way to compensate his employees and shower gifts on his friends and lovers,” Manhattan-based US attorney Damian Williams said in a Twitter video announcing the insider trading case.

“It’s cheating, and it’s against the law,” the Boston Globe also reported.

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