Tottenham Hotspur owner Joe Lewis has surrendered to US authorities and is expected to appear at Manhattan Federal Court later on Wednesday, the US Attorney’s Office for the Southern District of New York said.
Lewis was indicted in New York for allegedly “orchestrating a brazen insider trading scheme”, a US attorney previously said.
In a statement, a spokesperson for the US Attorney’s Office for the Southern District of New York said: “Joe Lewis self-surrendered to federal authorities this morning (and) is expected to be presented in Manhattan federal court on criminal charges sometime this afternoon.”
Damian Williams, the US Attorney for the Southern District of New York, alleged that over several years Lewis had “abused his access to corporate boardrooms” and given inside information to romantic partners, personal assistants, private pilots and his friends.
Statement of U.S. Attorney Damian Williams on U.S. v. Joseph Lewis pic.twitter.com/9rGTTYVx6h
Advertisement— US Attorney SDNY (@SDNYnews) July 25, 2023
“Those folks then traded on that inside information and made millions of dollars in the stock market, because thanks to Lewis those bets were a sure thing,” he alleged.
Mr Williams described Lewis’s alleged behaviour as “classic corporate corruption”.
He said: “Now, none of this was necessary. Joe Lewis is a wealthy man. But as we allege he used inside information as a way to compensate his employees or to shower gifts on his friends and lovers.
“That’s classic corporate corruption. It’s cheating, and it’s against the law. Laws that apply to everyone, no matter who you are.
“That’s why Joe Lewis has been indicted and will face justice here in the Southern District of New York.”
FBI acting assistant director in charge Christie M Curtis said: “As alleged, Mr Lewis treated material, non-public information at his disposal as though it was something he could give his friends and associates for their benefit.
“This type of behaviour – blatant disregard for the law – is not only illegal but undermines the integrity of our financial markets.”
Lewis, 86, is the founder and primary investor of Bahamas-based investment firm Tavistock Group.
He was ranked 39th in the 2023 Sunday Times Rich List, with an estimated worth of more than £5 billion.
He bought a controlling stake in Premier League club Tottenham from Lord Alan Sugar in 2001 for £22 million.
Lewis officially ceded control of the club last year, with Bahamian lawyer Bryan A Glinton replacing him as a director, according to Companies House.
His stake in the club – which he held through the ENIC Group alongside Daniel Levy – was formally handed to a family trust last year.
Family members of Lewis remain beneficiaries of the trust.
The Premier League club said in a statement: “This is a legal matter unconnected with the club and as such we have no comment.”
Tavistock Group has been contacted for comment.
