July 25th 2023.
86-year-old Joe Lewis is alleged to have engaged in a 'brazen' insider trading scheme. According to US Attorney Damian Williams, Lewis has been accused of 'classic corporate corruption', passing on sensitive information to his 'friends and romantic partners'.
Williams stated in a press release on Tuesday: ‘We allege that for years Joe Lewis abused access to corporate board rooms and repeatedly provided inside information to his romantic partners, his personal assistants, his pilots and his friends. Those folks then traded on that inside information and made millions of dollars on the stock market. Thanks to Lewis those bets were a sure thing.’
He continued: ‘None of this was necessary. Joe Lewis is a wealthy man, but as we allege he used insider information 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.’
Lewis, the owner of Tottenham Hotspur, is estimated to be worth £4.5billion and is the chairman of the Tavistock Group, which has more than 200 assets across 13 countries.
The news of the indictment is deeply concerning to many people, and it remains to be seen what the outcome of the case will be.
[This article has been trending online recently and has been generated with AI. Your feed is customized.]
[Generative AI is experimental.]
