Donald Trump is set to issue a full pardon to Joe Lewis, the British billionaire and former owner of Tottenham Hotspur Football Club, for his 2024 conviction on insider trading charges. This move comes after Lewis was fined and given probation for what US prosecutors described as a 'brazen' scheme.
The Conviction and Sentencing
Joe Lewis, the 88-year-old investor, pleaded guilty last year to insider trading and conspiracy charges in a Manhattan federal court. The charges stemmed from a scheme where he provided inside information to enrich his friends, lovers, and employees.
Lewis was fined $5 million (£3.8 million) and sentenced to three years of probation by New York judge Jessica Clarke. The judge determined that his circumstances did not warrant a prison sentence. His company, Broad Bay, was also hit with a separate fine of $44 million.
During his sentencing, Lewis expressed remorse, stating to the court, "I made a terrible mistake. I broke the law. I am ashamed, sorry, and I hold myself accountable." He had initially fought the charges, with his lawyers calling the prosecution 'egregious,' but later changed his plea to guilty after securing a non-custodial agreement.
Details of the Insider Trading Scheme
The US attorney for the southern district of New York published a detailed 29-page dossier in 2023 outlining the case. Prosecutors accused Lewis of passing confidential share tips to his inner circle.
The recipients of this inside information included his private jet pilots and his then-girlfriend, Carolyn Carter, who was 33 at the time. The scheme was designed to allow them to profit from stock trades based on the non-public information Lewis provided.
The Pardon and Its Aftermath
The Daily Telegraph first broke the news of the impending pardon, which has since been confirmed. According to reports, the substantial fines levied against Lewis and his company will not be repaid.
In a statement, Joe Lewis said, "I am pleased all of this is now behind me, and I can enjoy retirement and watch as my family and extended family continue to build our businesses based on the quality and pursuit of excellence that has become our trademark."
A source close to the Lewis family commented, "Joe and the Lewis family are extremely grateful for this pardon and would like to thank President Trump for taking this action. Over his long business career, Joe has been a visionary... There is so much more to the Joe Lewis story than this one event."
Prior to these legal troubles, Lewis had transferred his majority stake in Tottenham Hotspur to a family trust in 2022. The club is now managed by his daughter Vivienne, his son Charles, and his grandson-in-law, Nick Beucher.
Official confirmation of the pardon from the US Department of Justice is expected within the week.
