Joe Lewis, the owner of the investment firm Tavistock Group, allegedly gave several people non-public information on numerous publicly traded companies|@xponentialdesign|Giphy
British billionaire Joe Lewis, the owner of the Tottenham Hotspur football club, pleaded not guilty to insider trading charges brought against him at a Manhattan federal court Wednesday.
He is accused of sharing confidential information about publicly traded companies between 2013 and 2021.
Lewis had allegedly tipped off family, romantic partners and friends, including his private jet pilots.
Prosecutors claim Lewis, who also owns the investment firm Tavistock Group, which is worth $1.6 billion, was able to get non-public information since he and his employees sat on several boards.
One particular incident involved the Bahamas-based tycoon loaning his pilots $500,000 to invest in Mirati Therapeutics days before it released positive clinical results that shot its share price up by 16.7% in one day.
The 86-year-old faces 19 counts, including securities fraud, conspiracy and making false statements. He could be in prison for decades if convicted but is expected to be released on a $300 million bond secured by his yacht and private aircraft.
Amid allegations, Tottenham have sought to distance itself from Joe Lewis and have said he is no longer the owner of the club after he was charged on Tuesday.