- France's City of Light switches to climate-resilient power cables
- Djokovic hails Nadal 'legacy' as Alcaraz in 'shock' over retirement
- Obama hits campaign trail for Harris
- Delta eyes Election Day travel pullback as profits climb
- Djokovic tells Nadal: 'Your legacy will live forever'
- Ethel Kennedy, wife of RFK, dead at 96
- Zelensky denies ceasefire with Russia under discussion on trip
- Florida battered by hurricane, floods but spared 'worst-case scenario'
- After long fight for glory, Nadal leaves with a legacy of memories
- Home hopes Zheng and Wang through to last-eight in Wuhan Open
- UN peacekeepers say Israel fired on Lebanon HQ, injuring 2
- UK's William and Kate in first joint public engagement since cancer treatment
- Alcaraz out as top players pay tribute to Nadal at Shanghai Masters
- Racing's Farrell 'not thinking' about British and Irish Lions
- Alcaraz, Sinner pay tribute to 'unbelievable' Nadal at Shanghai Masters
- Over 200 women in legal talks with Harrods over Fayed abuse claims
- After K-pop, K-novels? South Korean Nobel win sparks joy, hope at home
- After Nadal exit, Djokovic left to rage against dying of the light
- A very stiff breeze: BBC says sorry for 20,000 kph wind forecast
- Triple centurion Brook happy to break Dad's club record
- Zelensky touts 'victory plan' against Russia in Macron talks
- Musk finally unveiling his long-promised robotaxi
- UN peacekeepers accuses Israel of firing on Lebanon HQ
- London's Frieze art fair goes potty for ceramics
- Southgate taking year out from coaching
- US, Europe stocks fall on US inflation data
- Zelensky meets Macron in Paris as part of European tour
- Hurricane Milton shreds Florida stadium roof
- UN probe accuses Israel of seeking to 'destroy' Gaza healthcare
- US consumer inflation eases to 2.4% in September
- England in sight of victory after Brook's triple hundred
- Juventus readmitted to ECA after failed Super League revolt
- World number 2 Alcaraz knocked out of Shanghai Masters by Machac
- Leaders of Egypt, Eritrea, Somalia meet amid regional tensions
- Klopp's Red Bull decision 'ruined life's work' say Dortmund fans
- Han Kang wins South Korea's first literature Nobel
- S. Korea's Nobel winner Han Kang a modest, thought-provoking writer
- Hurricane Milton tornadoes kill four in Florida amid rescue efforts
- The almost impossible job: Beating Rafael Nadal at the French Open
- New French government faces key test with budget plan
- Rescuers say Israeli strike on Gaza school kills 28
- Italy's ex-world champion gymnast Ferrari announces retirement
- Zelensky talks 'victory plan' in meeting with Starmer, Rutte
- South Korea's Han Kang wins literature Nobel
- Federer lauds retiring Nadal's 'incredible achievements'
- Ikea posts fall in annual sales after lowering prices
- Australia beat China 3-1 to resurrect World Cup campaign
- Stock markets diverge, oil gains after China rebounds
- Nadal defied injury woes in record-breaking career
- Nadal v Djokovic, French Open, 2006: Chapter One in epic rivalry
RBGPF | 4.03% | 63.35 | $ | |
CMSC | 0.16% | 24.56 | $ | |
SCS | -3.41% | 12.6 | $ | |
BCE | -1.69% | 32.755 | $ | |
JRI | -0.05% | 13.214 | $ | |
BCC | -1.9% | 139.73 | $ | |
NGG | 0.19% | 65.754 | $ | |
RIO | 0.03% | 66.37 | $ | |
CMSD | 0.24% | 24.74 | $ | |
RELX | -0.68% | 46.395 | $ | |
RYCEF | 0% | 6.9 | $ | |
AZN | -1.02% | 76.72 | $ | |
BTI | -0.71% | 35.23 | $ | |
GSK | -2.54% | 39.245 | $ | |
BP | 0.94% | 32.285 | $ | |
VOD | -0.41% | 9.69 | $ |
Tottenham mogul Lewis spared prison for insider trading
Billionaire Tottenham Hotspur mogul Joe Lewis has avoided prison in an insider trading case, with a New York judge on Thursday instead giving him three years' probation and a $5 million fine.
Judge Jessica Clarke also imposed sweeping restrictions on his company Broadbay, calling his offending "undoubtedly serious" but sparing the 87-year-old businessman from time behind bars.
"I'm here today because I made a terrible mistake. I'm ashamed, I'm sorry," Lewis said in a hushed voice before sentencing, following his guilty plea for supplying insider market information to acquaintances.
He could have faced between 18 and 24 months' imprisonment for the charges, according to prosecutors.
Lewis, who was visibly emotional at times, cut a frail figure in the courtroom, dressed in a grey suit with an eyepatch over his left eye.
He was flanked by two lawyers who argued he should be spared imprisonment because of his failing health and impending eye surgery.
Lewis pleaded for leniency, describing the trauma of his upbringing at the height of the Second World War, and promising to make amends "with the time I have left."
Lewis furnished employees, including his private pilots, and lovers with insider information for years in a "brazen" scheme between 2013 and 2021 that raked in millions of dollars.
Stock tips provided by Lewis included confidential information about upcoming favorable test results for biochemical companies, the Manhattan court heard.
- 'Embarrassment and humiliation' -
The court heard that in 2019 Lewis lent his two pilots $500,000 each so that they could buy Mirati Therapeutics stock before the public release of the clinical results.
One of the pilots allegedly messaged a friend to buy the stock, telling them that he thought "the Boss has inside info."
Lewis is reported to be one of Britain's richest men with a fortune that Forbes puts at $6.2 billion, building his reputation as a currency speculator in the 1980s and early 1990s.
His holding company ENIC bought a controlling interest in Tottenham Hotspur Football Club in 2001 from then-owner Alan Sugar, another prominent British tycoon, for $22 million.
Lewis officially ceded control of the club last year, according to British financial records, and his stake was formally handed to a family trust.
He was joined in court by his son and granddaughter, who wrote a letter to the judge pleading for leniency.
Lewis' lawyer David Zornow told the court the affair had caused the octogenarian "embarrassment and humiliation" and "brought low before the whole world" the former titan of industry.
"The measure of the man is the eight decades before these unfortunate events," Zornow told a packed court overlooking the skyscrapers of Manhattan.
He pledged that if Lewis was spared prison, he would self-deport to his Bahamas bolthole from where he has managed his sprawling empire of investments in secrecy for years.
Prosecutor Jason Richman said Lewis' crimes were "offensive to the concept of an open market," but that his ailing health presented a unique situation.
"He made billions of dollars, then he chose to abuse information. No matter who you are... you cannot trade on inside information."
A.Malone--AMWN