British billionaire Joe Lewis has avoided a jail sentence after admitting he orchestrated an insider trading scheme that helped those around him make millions.
The former Tottenham Hotspur owner, who lives in the Bahamas, tipped off his girlfriend, friends, and two of his private pilots with inside information on four publicly-traded companies, which they used to get rich, prosecutors in New York said.
In January, he pleaded guilty to one count of conspiracy to commit securities fraud and two counts of securities fraud, admitting in court he had known he was breaking the law.
But prosecutors had said he deserved leniency because of his age, bad health and willingness to come to the US to face the charges, rather than force a protracted extradition battle.
Image: Lewis pictured after a court appearance last July. Pic: Reuters
In court on Thursday, the 87-year-old was sentenced to three years’ probation and fined $5m (£4m).
Before he was sentenced, Lewis spoke briefly, saying: “Your honour, I’m here today because I made a terrible mistake.
“I’m ashamed.”
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Lewis said he hoped “to make amends and to rebuild the trust that I have squandered” in the remainder of his life.
Image: Lewis on his arrival at court for sentencing. Pic: Reuters
Lewis founded Bahamas-registered investment firm Tavistock Group and is one of the 500 richest people in the world, according to the US government.
His fortune is estimated at $6.2bn (£4.9bn), including homes in several countries, a $250m yacht, private planes worth $90m and a $100m art collection.
Lewis held a majority stake in Premier League football club Spurs for more than two decades, a shareholding now owned by a trust on behalf of his family.
From the beginning, it was clear Lewis would not be any ordinary defendant – after his initial arrest, he was released on $300m (£237m) bail after putting up his yacht and plane as collateral.
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Prosecutors said he learned about public companies after making large investments and on at least four occasions between 2019 and 2021, he tipped off those close to him.
“This insider trading was not the result of aberrant, one-time conduct but rather a troubling pattern of misconduct over the course of several years,” they said.
His motive was unclear but prosecutors said it was possibly down to “hubris, ego, a desire to make a financial gift without parting with his own money, an irrational form of greed, or some other reason”.
“I forgive him.” They were three little words, and yet, they were huge.
In a stadium packed to capacity, Erika Kirk’s address to an assassin was delivered in tears and received with silence until the crowd grew into applause.
“The answer to hate is not hate,” she added. It is, perhaps, the message America needs to hear most and the one it has heard least.
Image: President Donald Trump embraces Erika Kirk. Pic: AP
Image: Erika Kirk wipes tears from her eyes during her speech. Pic: AP
The memorial to Charlie Kirk felt like a Republican state funeral in all but name.
This was MAGA in mourning, an occasion that laid bare the influence of Charlie Kirk and his politics.
They had travelled in their tens of thousands to the State Farm Stadium in Glendale, Arizona.
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1:57
Charlie Kirk’s supporters pay tribute at memorial
They saluted a conservative icon and the dress code crafted a patriotic spectacle in red, white and blue.
It was an act of remembrance on a stadium scale, huge in size and sentiment. It was also big on politics.
From the president down, the Trump administration’s top tier spoke of politics after 10 September, the day Charlie Kirk was killed.
Image: Attendees listen as President Donald Trump speaks. Pic: AP
Image: A woman is overcome with emotion while watching a Charlie Kirk tribute video. Pic: AP
This was a Republican movement in one place, with one microphone, after an assassination that accelerated the tectonic shift in US politics.
A week and a half since the assassination, political reaction has distilled into a war over freedom of speech and that was revisited by the president, even if he reserved most of his speech to pay homage to Charlie Kirk.
The White House decanted a full team from Washington DC to Arizona.
They came for reasons of sympathy and bereavement, of course. It was also an occasion laced with politics.
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2:41
‘We speak for Charlie louder than ever’ – Vance
This was Washington’s travelling roadshow swinging by the support that Charlie built.
The same support was critical in helping Donald Trump back into power at the last election, and the challenge confronting the White House is in harnessing that vote in his absence and carrying it forward.
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The producer of Charlie Kirk’s podcast has claimed that a “miracle” stopped more people being killed by the bullet that hit the right-wing influencer.
Andrew Kolvet claimed to have spoken to a surgeon that tried to save Mr Kirk’s life, and posted on social media to discuss the apparent lack of an exit wound.
A prominent right-wing figure in the US, Mr Kirk was a staunch ally of President Donald Trump and was known for his conservative viewpoints on abortion, religion and LGBT issues.
Mr Trump and other public figures are expected to be in Arizonaon Sunday for a memorial service for Mr Kirk which is expected to draw 100,000 people.
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0:50
Prosecutors detail case against Charlie Kirk’s alleged killer
Mr Kolvet, executive producer of the Charlie Kirk Show, apologised for the “somewhat graphic” nature of his post on X.
In it, he discussed what he said was a lack of an exit wound from the bullet, despite it being “a high powered, high velocity round”.
Mr Kolvet included what he said were quotes from a surgeon who operated on Mr Kirk.
“It was an absolute miracle that someone else didn’t get killed,” Mr Kolvet quoted the surgeon as saying.
“His bone was so healthy and the density was so so impressive that he’s like the man of steel. It should have just gone through and through. It likely would have killed those standing behind him too.”
Mr Kolvet said what happened was “remarkable” and “miraculous”.
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0:55
Crowds chant at Charlie Kirk vigil at Texas university
President Trump and JD Vance are expected to be among the prominent MAGA members who will pay tribute to Mr Kirk at the memorial event.
It will take place at State Farm Stadium, the home of the Arizona Cardinals NFL team, amid a heavy law enforcement presence.
Image: State Farm Stadium in Arizona. Pic: Reuters
President Trump has blamed the “radical left” for the death of Mr Kirk, whom he credited for helping him win the 2024 presidential election.
It comes as the death of Mr Kirk has turned into a debate over the First Amendment.
While they have repeatedly criticised what they claim are assaults on free speech, members of the MAGA movement appear to be taking a different stance when the subject is one of their own, launching attacks on people they deem to be making disparaging comments about Mr Kirk.
Dozens of people, from journalists to teachers, have already lost their jobs for allegedly making offensive comments about the podcaster.
Late-night chat show host Jimmy Kimmel was pulled from the air indefinitely by ABC following a backlash from the Trump-appointed head of the Federal Communications Commission over the comedian’s remarks about Mr Kirk.
The State Department also has warned it would revoke the visas of any foreigners who celebrated his assassination.
Lawyers for Luigi Mangione have called on a judge to block federal prosecutors from seeking the death penalty against him.
Mangione’s legal team says the 27-year-old’s case has been turned into a “Marvel movie” after a failed bid by the US Justice Department to indict him on terrorism charges over the fatal shooting of UnitedHealthcare chief executive Brian Thompson in New York on 4 December.
New York state judge Gregory Carro said there was no evidence that the killing, which took place as Mr Thompson walked into an investor conference at the New York Hilton Midtown hotel, amounted to a terrorist act.
But Judge Carro upheld second-degree murder charges, which suggest there was malicious intent – but not that it was premeditated.
US Attorney General Pam Bondi has called for Mangione to face capital punishment, describing the charges against him as a “premeditated cold-blooded assassination that shocked America”.
But in the new court filing, Mangione’s legal team argues federal prosecutors have “violated Mr Mangione’s constitutional and statutory rights” by “staging a dehumanizing, unconstitutional ‘perp walk’ where he was televised, videotaped, and photographed clambering out of a helicopter in shackles” on the way to his first court appearance.
The legal team, led by former Manhattan prosecutor Karen Friedman Agnifilo, also claims the death penalty case has been “fatally prejudiced” after President Donald Trump commented on it on Fox News.
Despite laws that prohibit any pre-trial commentary that could prejudice the defendant’s right to a free trial, he told the network on Thursday: “Think about Mangione. He shot someone in the back, as clear as you’re looking at me or I’m looking at you.”
Image: UnitedHealthcare chief executive Brian Thompson.
Pic: UnitedHealth Group/AP
The defence team’s 114-page court filing reads: “There is a high bar to dismissing an indictment due to pretrial publicity.
“However, there has never been a situation remotely like this one where prejudice has been so great against a death-eligible defendant.”
Federal prosecutors have until 31 October to respond to the documents.
Mangione has pleaded not guilty to all the state charges against him, which cannot result in the death penalty and only life imprisonment, unlike federal ones. He has also pleaded not guilty to the federal charges.
He is due back in court for a pre-trial hearing in the state case on 1 December and the federal case on 5 December.
The 27-year-old was arrested five days after Mr Thompson was killed – when he was spotted at a McDonald’s in Altoona, Pennsylvania, around 230 miles west of New York City.