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Billionaire Pardoned by Trump After Insider Trading Conviction
14 Nov
Summary
- British billionaire Joe Lewis pardoned by President Trump
- Lewis fined $5 million in 2024 for securities fraud and insider trading
- Lewis handed over Tottenham Hotspur ownership to family trust in 2022
In a surprising move, former Tottenham Hotspur owner Joe Lewis has been pardoned by US President Donald Trump. The 88-year-old British billionaire was fined $5 million (£3.8 million) in January 2024 after pleading guilty to charges of securities fraud and conspiracy to commit securities fraud through insider trading.
According to prosecutors, Lewis had passed confidential business information to his romantic partners, personal assistants, and friends, allowing them to make profitable trades based on this insider knowledge. However, a White House official has now confirmed that Lewis requested the pardon so he could receive medical treatment and visit his grandchildren and great-grandchildren in the US.
Lewis had initially denied the charges but later pleaded guilty. He handed over full operational control of Tottenham to the Lewis Family Trust in 2022 and will not be returning to the club, which will continue to be run by the next generation of the Lewis family. In a statement, Lewis said he is "pleased all of this is now behind me" and looks forward to enjoying his retirement.
