President Trump Pardons UK Billionaire Joe Lewis
Billionaire businessman Joe Lewis, known for his ties to Tottenham Hotspur, has received a presidential pardon from Donald Trump. At 88 years old, Lewis was embroiled in legal troubles related to insider trading. In 2024, he pleaded guilty to multiple charges but avoided prison time through a plea deal with prosecutors.
Details of Joe Lewis’s Charges
Lewis faced serious allegations, including 16 counts of securities fraud and three counts of conspiracy. Prosecutors claimed he shared privileged information from corporate boardrooms with personal contacts from 2013 to 2021. These individuals made substantial profits from information that should have remained confidential.
Significant Insider Trading Allegations
- Lewis communicated insider information to private pilots, friends, and romantic partners.
- One of the accusations involved advising a girlfriend to invest in a biotech company before trial results were public.
- He allegedly transferred $700,000 from her account to invest in the firm, generating a profit of $849,000.
In recognition of his cooperation, including not fighting extradition, Lewis received a $5 million fine and a sentence of three years of probation.
President Trump’s Pardon
Trump approved the pardon at Lewis’s request, citing his need for medical treatment and the desire to visit family in the US. A White House official confirmed Lewis’s admission of guilt, emphasizing his remorse over past actions.
Response from Joe Lewis
In a statement, Lewis expressed relief, stating, “I am pleased all of this is now behind me.” He looks forward to enjoying retirement and watching his family’s continued success.
Background on Joe Lewis
Lewis is the founder of Tavistock Group, a firm with interests across various sectors, including sports and finance. As of 2023, he held a significant financial position, ranking 39th on the Sunday Times Rich List with an estimated net worth exceeding £5 billion (approximately $6.4 billion).
He initially purchased his controlling stake in Tottenham Hotspur for £22 million in 2001, about $32 million at that time. However, control of the club has since been transferred to a family trust, with financial documents suggesting that Lewis no longer possesses significant control over the football club.
