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.”
More from US
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.
Follow Sky News on WhatsApp
Keep up with all the latest news from the UK and around the world by following Sky News
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”.
US director and actor Rob Reiner and his wife have been found dead at their home in Los Angeles, Sky News’s US partner NBC News has reported.
A source close to Reiner told the outlet he and his wife, Michele Singer Reiner, apparently died of stab wounds.
A family member is being questioned by investigators, a law enforcement official told the AP news agency.
A 78-year-old man and a 68-year-old woman were found dead inside the property, a Los Angeles Fire Department official said. Reiner turned 78 in March.
Detectives from the LAPD Robbery Homicide Division have been assigned to the case, the force said in a statement.
‘Apparent homicide’
LAPD Captain Mike Bland said they were investigating an “apparent homicide”.
Reports said there was a large police presence at the house.
Reiner starred in Sleepless In Seattle and The Wolf Of Wall Street and directed This Is Spinal Tap, The Princess Bride, When Harry Met Sally and A Few Good Men.
Los Angeles mayor Karen Bass said Reiner’s death was a devastating loss for the city.
“Rob Reiner’s contributions reverberate throughout American culture and society, and he has improved countless lives through his creative work and advocacy fighting for social and economic justice,” she said.
“An acclaimed actor, director, producer, writer, and engaged political activist, he always used his gifts in service of others.”
‘Creative, funny, and beloved’
Former House speaker Nancy Pelosi said: “It’s hard to think of anyone more remarkable and excellent in every field and endeavour they pursued. Rob was creative, funny, and beloved. And in all of their endeavours, Michelle was his indispensable partner, intellectual resource, and loving wife.
“Personally, Rob cared deeply about people and demonstrated that in his civic activities – whether by supporting the First 5 initiative or fighting against Prop 8 in California. Civically, he was a champion for the First Amendment and the creative rights of artists. And professionally, he was an iconic figure in film who made us laugh, cry and think with the movies he created.”
Image: Reiner and his wife Michele Singer Reiner. Pic: AP
Actress Kathy Bates told NBC News: “I’m horrified hearing this terrible news. Absolutely devastated. I loved Rob. He was brilliant and kind, a man who made films of every genre to challenge himself as an artist. He also fought courageously for his political beliefs. He changed the course of my life. Michelle was a gifted photographer. She shot my beautiful photos for the Misery campaign. My heart breaks for them both. My thoughts are with their family.”
Reiner was married to Michele Singer Reiner since 1989, after they met while he was directing When Harry Met Sally. They have three children together.
Michele used to work as a photographer and took the photo of Donald Trump that appears on the cover of his book Trump: The Art Of The Deal.
This breaking news story is being updated and more details will be published shortly.
Police are releasing a man detained in connection with the fatal shooting on the campus of Brown University in Providence, Rhode Island.
Two people were killed and nine others, all or nearly all of whom are also believed to be students, were injured in the attack on Saturday.
Earlier, three senior law enforcement officials briefed on the investigation told Sky’s US partner NBC News the detained man, who is being released, was 24-year-old Benjamin Erickson, who had served several years in the US army.
The release means that the suspected gunman remains at large.
Datawrapper
This content is provided by Datawrapper, which may be using cookies and other technologies.
To show you this content, we need your permission to use cookies.
You can use the buttons below to amend your preferences to enable Datawrapper cookies or to allow those cookies just once.
You can change your settings at any time via the Privacy Options.
Unfortunately we have been unable to verify if you have consented to Datawrapper cookies.
To view this content you can use the button below to allow Datawrapper cookies for this session only.
Speaking at a news conference, Providence mayor Brett Smiley said: “We know that this is likely to cause fresh anxiety for our community and we want to reiterate what we said earlier… which is ever since the initial call, now a day and a half ago, we have not received any credible or specific threats to the Providence community.
“So the status of safety in our community remains unchanged, and we believe that you remain safe in our community.”
Mr Smiley said there would be a continuation of an enhanced police presence throughout the city and on the university campus.
“We have not yet solved this case, but I am confident we are going to do that in the near future,” Rhode Island attorney general Peter Neronha said.
Image: Part of the Brown University campus, the right side of the C-shaped block is the engineering building. Pic: Reuters
The shooting happened inside a classroom on the first floor of the Barus & Holley engineering building, a seven-storey structure home to much of the university’s engineering and physics study and research.
Brown University provost Frank Doyle confirmed final exams were taking place in the engineering building when the gunman opened fire.
Image: Pics: AP
A police official told the AP news agency the gunman fired more than 40 9mm rounds. A gun has not been recovered, but officers did seize two loaded 30-round magazines.
A video released by officials shows a suspect walking down a street away from the campus and turning a corner, dressed in dark, loose-fitting clothing.
Image: Pics: AP
Seven people injured in the shooting were in a stable condition, the Providence mayor, Mr Smiley, said. One remained in critical but stable condition, while another had been discharged, he added.
Brown is a private university with roughly 7,300 undergraduate students and more than 3,000 graduate students.