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”.
Actor George Wendt, who played Norm Peterson in the iconic sitcom Cheers, has died at the age of 76.
His family said he died early on Tuesday morning, peacefully in his sleep, according to publicity firm The Agency Group.
“George was a doting family man, a well-loved friend and confidant to all of those lucky enough to have known him. He will be missed forever,” the family said in a statement.
His character as an affable, beer-loving barfly in Cheers was watched by millions in the 1980s – earning him six consecutive Emmy nominations for best supporting actor.
The sitcom was based in a Boston bar “where everybody knows your name” – proved true given everyone would shout “Norm!” when he walked in.
Wendt appeared in all 273 episodes of Cheers – with his regular first line of “afternoon everybody” a firm fan favourite.
He was also a prominent presence on Broadway – appearing on stage in Art, Hairspray and Elf. Before rising to fame, he spent six years in Chicago’s renowned Second City improvisation troupe.
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In an interview with GQ magazine, he revealed he didn’t have high hopes when he auditioned for the role that would catapult him to fame.
“My agent said: ‘It’s a small role, honey. It’s one line. Actually, it’s one word.’ The word was ‘beer.’
“I was having a hard time believing I was right for the role of ‘the guy who looked like he wanted a beer.’
“So I went in, and they said, ‘It’s too small a role. Why don’t you read this other one?’ And it was a guy who never left the bar.”
One of nine children, Wendt was born in Chicago and graduated with a degree in economics.
He married actress Bernadette Birkett in 1978, who voiced the character of Norm’s wife in Cheers but never appeared on screen. They have three children.
Wendt’s nephew is Jason Sudeikis, who played the lead role in Ted Lasso.
Elon Musk has said he is committed to remaining as Tesla’s chief executive for at least five years, as the electric carmaker faces pressure from consumers and the stock market over his work with Donald Trump’s government.
During a video appearance at the Qatar Economic Forum hosted by Bloomberg, a moderator asked: “Do you see yourself and are you committed to still being the chief executive of Tesla in five years’ time?”
Musk responded: “Yes.”
The moderator added: “No doubt about that at all?”
Musk chuckled and replied: “I can’t be still here if I’m dead.”
Tesla has borne the brunt of the outrage against Musk over his work with Mr Trump as part of his Department of Government Efficiency (DOGE), which implemented cuts across the US federal government.
Asked if the reaction made him think twice about his involvement in politics, Musk said: “I did what needed to be done.
“I’m not someone who has ever committed violence and yet massive violence was committed against my companies, massive violence was threatened against me.”
He added: “Don’t worry: We’re coming for you.”
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Musk pulls back from D.O.G.E. role
Musk spent at least 250 million dollars (£187m) supporting Mr Trump in the presidential campaign, and even held some of his own campaign rallies.
“I’m going to do a lot less in the future,” Mr Musk said. Asked why, he responded: “I think I’ve done enough.”
And he added: “Well, if I see a reason to do political spending in the future, I will do it. I do not currently see a reason.”
But he acknowledged his Tesla pay was part of his consideration about staying with Tesla, though he also wanted “sufficient voting control” so he “cannot be ousted by activist investors”.
“It’s not a money thing, it’s a reasonable control thing over the future of the company, especially if we’re building millions, potentially billions of humanoid robots,” he added.
Donald Trump has announced the concept for his Golden Dome missile defence system – which includes plans for the US put weapons in space for the first time.
The “cutting-edge missile defence system” will include “space-based sensors and interceptors”, Mr Trump said, adding the Golden Dome “should be fully operational by the end of my term”.
The system – styled on Israel’s Iron Dome – will be able to detect and stop missiles at all points of attack, from before launch to when they are descending towards a target, the Trump administration has said.
Making the announcement in the Oval Office on Tuesday, Mr Trump told reporters the Golden Dome will be “capable of intercepting missiles even if they are launched from the other side of the world”.
The US president also said Canada “has called us and they want to be part of it”. “As usual, we help Canada as best we can,” he said.
Image: Trump was flanked by two Golden Dome posters. Pic: AP
He has also pledged that the entire system to be built within the United States. Manufacturers in Georgia, Alaska, Florida and Indiana will all be heavily involved in the project, Mr Trump said.
General Michael Guetlein, who currently serves as the vice chief of space operations, will oversee the Golden Dome’s progress.
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The space weapons “represent new and emerging requirements for missions that have never before been accomplished by military space organizations,” General Chance Saltzman, the head of the US Space Force, said at a hearing Tuesday.
Image: Defence secretary Pete Hegseth joined the president for the announcement. Pic: AP
How much will the Golden Dome cost?
Mr Trump said he has allocated $25bn “to help get construction under way,” which he described as an initial down payment.
The total cost will be “about $175bn”, the US president added – but the Congressional Budget Office has put the price much higher.
The space-based components alone could cost as much as $542bn (£405bn) over the next 20 years, it estimated earlier this month.
Mr Trump’s announcement came shortly after the newly confirmed US Air Force secretary said there’s currently no money allocated for the Golden Dome.
The programme is “still in the conceptual stage,” Troy Meink told senators today.
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