The British billionaire owner of Tottenham Hotspur, Joe Lewis, has been indicted for orchestrating a “brazen” insider trading scheme, the US attorney in Manhattan has said.
In a video posted on messaging platform X, formerly known as Twitter, Damian Williams said: “Today I’m announcing that my office, the southern district of New York has indicted Joe Lewis, the British billionaire, for orchestrating a brazen insider trading scheme.
“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.
“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.”
Mr Lewis’s lawyer, David Zornow, said the government had “made an egregious error in judgment in charging Mr Lewis, an 86-year-old man of impeccable integrity and prodigious accomplishment”.
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He added that Mr Lewis had come to the US voluntarily to answer the “ill-conceived” charges which would be “defended vigorously in court”.
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Joe Lewis owns the Tavistock Group, with more than 200 assets across 13 countries, through which he owns Tottenham Hotspur and the UK pub operator Mitchells & Butlers. Forbes puts his wealth at £4.65bn.
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He bought a controlling stake in the premier league club from Alan Sugar for £22m in 2001.
He now lives in the Bahamas, a far cry from his humble beginnings in London’s East End.
Joe Lewis was born to a Jewish family above a pub in Roman Road, Bow. He left school at 15 to help run his father’s West End catering business, Tavistock Banqueting. he sold the business in 1979, forming the basis of his initial fortune, before moving into currency trading.
In 1992, he allegedly teamed up with American billionaire George Soros to bet on the pound crashing out of the European Exchange Rate Mechanism (EERM).
Black Wednesday, as it became known, sank sterling and forced the British government to withdraw the pound from the EERM.
A current senior member of the King’s household was the head of royal protection at the time Prince Andrew allegedly asked one of his police officers to dig up dirt on Virginia Guiffre, Sky News has discovered.
Lord Peter Rosslyn, who is now Lord Steward and Personal Secretary to the King and Queen, was head of Royalty and Diplomatic Protection between 2003-2014.
It is not clear if Lord Rosslyn – known at the time as Commander Peter Loughborough – was made aware of Prince Andrew’s request. However, it reportedly happened in 2011 when it’s claimed Andrew wrote in an email that he passed the date of birth and confidential social security number of his accuser, Virginia Guiffre, to one of his close protection team to find out information about her.
Image: Lord Peter Rosslyn arriving at the Duchess of Kent’s funeral. Pic: PA
Sky News approached Lord Rosslyn for comment, which was passed to Buckingham Palace.
A palace spokesperson said: “As you may or may not be aware, Lord Rosslyn works for The Royal Household and thus this issue has been referred to me. However, since this matter relates to his time in service with the Metropolitan Police, they would be the appropriate body to approach with media enquiries of this nature.”
The Met Police had nothing further to add.
Police sources have told Sky News the officer (CPO) involved would have been expected to escalate this request from Andrew to his superiors.
While there may have been other members of senior staff between the CPO and Lord Rosslyn, the request should have been considered serious enough to be referred to the top of the Royalty and Diplomatic Service.
Those with knowledge of the royal household tell us Lord Rosslyn is one of the King’s closest and most trusted members of staff.
His role as Lord Steward involves managing all aspects of the King’s personal affairs, and the non-state business of the monarch.
Who is Lord Peter Rosslyn?
As well as being much respected by Queen Elizabeth II, and affectionately known as her “favourite policeman”, in 2014 Lord Rosslyn was appointed as Master of the Household of the then Prince of Wales and the Duchess of Cornwall at Clarence House.
In February 2003, he was made Lord Steward by the King, thereby becoming the “first dignitary of the King’s court” – a sign that the monarch wanted to keep him around.
While Andrew’s alleged attempts to smear Virginia Guiffre would have been morally wrong, he also would have been asking his police officer to put his career on the line.
Any attempt to use police databases to find information on an innocent individual not connected to a crime would have been a sackable offence, and unlawful.
In his statement on Friday, Prince Andrew again stressed that he vehemently denies the allegations against him.
A Buckingham Palace source told Sky News that the recent claims that have emerged are being viewed by the Royal Family with “very serious and grave concern” and “should be examined in the proper and fullest ways”.
Image: Prince Andrew’s signature
Andrew should give evidence to US authorities – minister
The revelation comes as a government minister said Andrew should give evidence to US authorities – and anger grows after it emerged he had been paying “peppercorn rent” for two decades.
Passages from the memoir released on Tuesday of the late Virginia Giuffre, who accused Prince Andrew of sexually assaulting her, provide further details of their alleged encounters.
Prince Andrew has always strenuously denied the allegations.
Business Secretary Peter Kyle said on Tuesday he would “support” Prince Andrew giving evidence to US prosecutors.
He added he would also support any decision by the Met Police to investigate allegations that Prince Andrew used a Met bodyguard to gain information on Giuffre.
It comes as anger continues to grow over Prince Andrew’s housing arrangements.
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16:52
‘Victims should be in driver’s seat’
‘Peppercorn rent’
The royal has only paid “peppercorn rent” for more than two decades at his Windsor mansion, according to a National Audit Office report published in 2005.
“Peppercorn rent” is a legal term used in leases to show that rent technically exists, so the lease is valid, but it’s nominal, often literally £1 a year or just a symbolic amount.
In practice, it means the tenant pays no rent.
It also shows he was required to pay a further £7.5m for refurbishments.
A document from the Crown Estate also shows he signed a 75-year lease on the property in 2003.
It reveals he paid £1m for the lease and that since then he has paid “one peppercorn” of rent “if demanded” per year.
The agreement also contains a clause which states the Crown Estate would have to pay Andrew around £558,000 if he gave up the lease.
Pressure is mounting on him to give up the 30-bedroom mansion.
Senior Tory Robert Jenrick called for Prince Andrew to live privately.
‘He has disgraced himself’
He said: “It’s about time Prince Andrew took himself off to live in private and make his own way in life.
“He has disgraced himself, he has embarrassed the royal family time and again. I don’t see why the taxpayer, frankly, should continue to foot the bill at all. The public are sick of him.”
Image: Virginia Giuffre’s posthumous memoir was released today. Pic: Reuters
Mr Kyle, however, said that would be a question for King Charles.
But he did say MPs could bring forward a motion to strip Prince Andrew of his remaining titles, adding it would be up to Speaker Sir Lindsay Hoyle to choose one of these motions for debate.
The chief executive of Lloyds Banking Group has warned that a tax raid on the banks could harm lending to households and businesses.
In an exclusive interview with Sky News at the government’s regional investment summit, Charlie Nunn urged the chancellor to ignore calls for a windfall tax on commercial banks even though the sector is enjoying record profits.
“If we are going to have the ability and the confidence to continue to lend into the real economy, to help households and businesses invest, we need to make sure that the financial services system and Lloyds Banking Group really remains healthy in that context,” he said.
Image: Charlie Nunn was appointed Lloyds boss in November 2020. Pic: PA
Britain’s four largest banks – HSBC, Barclays, Lloyds Banking Group and NatWest – posted record profits of £45.9bn last year and are on course for another bumper performance this year, thanks to higher interest rates.
Their financial success has raised speculation that the sector could be in the chancellor’s firing line at next month’s budget.
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Rachel Reeves could raise the bank surcharge – a levy on bank profits in addition to corporation tax.
The Conservative government cut the levy from 8% to 3% in 2023. Returning it to 8% could raise £2bn for a chancellor who needs to find anywhere up to £50bn to meet her fiscal rules.
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4:17
Chancellor faces tough budget choices
Some have suggested a separate windfall tax, which could raise closer to £8bn.
Mr Nunn said such a move risked undermining the health of a sector which underpins the country’s economic prosperity.
“Obviously, taxes are a matter for the government to look at. But it’s definitely one of the factors that impact our ability to support the real economy in the UK,” he said.
A raid on the banks would cause pain to a sector that is already facing substantial costs because of the car finance scandal.
Lloyds, one of the most exposed lenders, has set aside nearly £2bn to cover potential compensation arising from the Financial Conduct Authority’s (FCA) redress scheme.
The FCA established the scheme to draw a line under the long-running mis-selling scandal, in which lenders failed to disclose commission paid to brokers, meaning many customers ended up paying more than they should have for their car finance.
Under the FCA’s scheme, eligible customers – as many as 14.2 million – could receive an average of £700 each.
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4:21
Payouts due after motor finance scandal
There is mounting anger within the industry at the way the scheme, which is going out to consultation, has been set up. Mr Nunn said the proposal was too generous to customers and not proportionate to the harms actually caused to customers.
He did not rule out the possibility of a judicial review but, in the first instance, called for a rethink, warning that the current scheme risks scaring away investors, causing an exodus from the market and driving up the cost and availability of credit.
“When you look at the implication of what’s being proposed by the FCA, it’s going to potentially take 20 years of profitability of the car finance industry. And, what does that mean for invest ability in that industry and for other investors and businesses looking to invest in the UK? There’s real concern that this is going to create an invest ability issue,” he said.
“Our concern is will the industry continue to function? Will it support all customers across the whole of the UK that need finance? Will other investors be looking at this and wondering whether the UK is a place they should invest, if retrospectively we can take away 20 years of profits?”
Prince Andrew should give evidence to US authorities, a government minister has said, as anger grows after it emerged he had been paying “peppercorn rent” for two decades.
Passages from the memoir released on Tuesday of the late Virginia Giuffre, who accused Prince Andrew of sexually assaulting her, provide further details of their alleged encounters.
Prince Andrew has always strenuously denied the allegations.
Business Secretary Peter Kyle said on Tuesday he would “support” Prince Andrew giving evidence to US prosecutors.
He added he would also support any decision by the Met Police to investigate allegations that Prince Andrew used a Met bodyguard to gain information on Giuffre.
It comes as anger continues to grow over Prince Andrew’s housing arrangements.
Please use Chrome browser for a more accessible video player
16:52
‘Victims should be in driver’s seat’
‘Peppercorn rent’
The royal has only paid “peppercorn rent” for more than two decades at his Windsor mansion, according to a National Audit Office report published in 2005.
“Peppercorn rent” is a legal term used in leases to show that rent technically exists, so the lease is valid, but it’s nominal, often literally £1 a year or just a symbolic amount.
In practice, it means the tenant pays no rent.
It also shows he was required to pay a further £7.5m for refurbishments.
A document from the Crown Estate also shows he signed a 75-year lease on the property in 2003.
It reveals he paid £1m for the lease and that since then he has paid “one peppercorn” of rent “if demanded” per year.
The agreement also contains a clause which states the Crown Estate would have to pay Andrew around £558,000 if he gave up the lease.
Pressure is mounting on him to give up the 30-bedroom mansion.
Senior Tory Robert Jenrick called for Prince Andrew to live privately.
‘He has disgraced himself’
He said: “It’s about time Prince Andrew took himself off to live in private and make his own way in life.
“He has disgraced himself, he has embarrassed the royal family time and again. I don’t see why the taxpayer, frankly, should continue to foot the bill at all. The public are sick of him.”
Image: Virginia Giuffre’s posthumous memoir was released today. Pic: Reuters
Mr Kyle, however, said that would be a question for King Charles.
But he did say MPs could bring forward a motion to strip Prince Andrew of his remaining titles, adding it would be up to Speaker Sir Lindsay Hoyle to choose one of these motions for debate.