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.
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.
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”.
Sam Moore, who sang Soul Man and other 1960s hits in the legendary Sam & Dave duo, has died aged 89.
Moore, who influenced musicians including Michael Jackson, Al Green and Bruce Springsteen, died on Friday in Coral Gables, Florida, due to complications while recovering from surgery, his publicist Jeremy Westby said.
No additional details were immediately available.
Moore was inducted with Dave Prater, who had died in a 1988 car crash, into the Rock and Roll Hall of Fame in 1992.
The duo, at the Memphis, Tennessee-based Stax Records, transformed the “call and response” of gospel music into a frenzied stage show and recorded some of soul music’s most enduring hits, including Hold On, I’m Comin’.
Many of their records were written and produced by the team of Isaac Hayes and David Porter and featured the record label’s house band Booker T & the MGs.
Sam & Dave faded after their 1960s heyday but Soul Man hit the charts again in the late 1970s when the Blues Brothers, John Belushi and Dan Aykroyd, recorded it with many of the same musicians.
More from Ents & Arts
Moore had mixed feelings about the hit becoming associated with the Saturday Night Live stars, remembering how young people believed it originated with the Blues Brothers.
Sam & Dave broke up in 1970 and neither had another major hit.
Moore later said his drug habit played a part in the band’s troubles and made record executives wary of giving him a fresh start.
He married his wife Joyce in 1982, and she helped him get treatment for his addiction that he credited with saving his life.
Moore spent years suing Prater after his former partner hired a substitute and toured as the New Sam & Dave.
He also lost a lawsuit claiming the pair of aging, estranged singers in the 2008 movie Soul Men was too close to the duo.
In another legal case, he and other artists sued multiple record companies and the American Federation of Television and Radio Artists in 1993, claiming he had been cheated out of retirement benefits.
Despite his million-selling records, he said in 1994 his pension amounted to just 2,285 US dollars (£1,872), which he could take as a lump sum or in monthly payments of 73 US dollars (£60).
“Two thousand dollars for my lifetime?” Moore said at the time. “If you’re making a profit off of me, give me some too. Don’t give me cornbread and tell me it’s biscuits.”
Moore wrote Dole Man, based on Soul Man, for Republican Bob Dole’s 1996 presidential campaign and was one of the few entertainers who performed at President Donald Trump’s inaugural festivities in 2017.
Eight years earlier, he objected to Democratic presidential candidate Barack Obama’s use of the song Hold On, I’m Comin’ during his campaign.
The fires that have been raging in Los Angeles County this week may be the “most destructive” in modern US history.
In just three days, the blazes have covered tens of thousands of acres of land and could potentially have an economic impact of up to $150bn (£123bn), according to private forecaster Accuweather.
Sky News has used a combination of open-source techniques, data analysis, satellite imagery and social media footage to analyse how and why the fires started, and work out the estimated economic and environmental cost.
More than 1,000 structures have been damaged so far, local officials have estimated. The real figure is likely to be much higher.
“In fact, it’s likely that perhaps 15,000 or even more structures have been destroyed,” said Jonathan Porter, chief meteorologist at Accuweather.
These include some of the country’s most expensive real estate, as well as critical infrastructure.
Accuweather has estimated the fires could have a total damage and economic loss of between $135bn and $150bn.
“It’s clear this is going to be the most destructive wildfire in California history, and likely the most destructive wildfire in modern US history,” said Mr Porter.
“That is our estimate based upon what has occurred thus far, plus some considerations for the near-term impacts of the fires,” he added.
The calculations were made using a wide variety of data inputs, from property damage and evacuation efforts, to the longer-term negative impacts from job and wage losses as well as a decline in tourism to the area.
The Palisades fire, which has burned at least 20,000 acres of land, has been the biggest so far.
Satellite imagery and social media videos indicate the fire was first visible in the area around Skull Rock, part of a 4.5 mile hiking trail, northeast of the upscale Pacific Palisades neighbourhood.
These videos were taken by hikers on the route at around 10.30am on Tuesday 7 January, when the fire began spreading.
X
This content is provided by X, 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 X 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 X cookies.
To view this content you can use the button below to allow X cookies for this session only.
At about the same time, this footage of a plane landing at Los Angeles International Airport was captured. A growing cloud of smoke is visible in the hills in the background – the same area where the hikers filmed their videos.
X
This content is provided by X, 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 X 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 X cookies.
To view this content you can use the button below to allow X cookies for this session only.
The area’s high winds and dry weather accelerated the speed that the fire has spread. By Tuesday night, Eaton fire sparked in a forested area north of downtown LA, and Hurst fire broke out in Sylmar, a suburban neighbourhood north of San Fernando, after a brush fire.
These images from NASA’s Black Marble tool that detects light sources on the ground show how much the Palisades and Eaton fires grew in less than 24 hours.
On Tuesday, the Palisades fire had covered 772 acres. At the time of publication of Friday, the fire had grown to cover nearly 20,500 acres, some 26.5 times its initial size.
The Palisades fire was the first to spark, but others erupted over the following days.
At around 1pm on Wednesday afternoon, the Lidia fire was first reported in Acton, next to the Angeles National Forest north of LA. Smaller than the others, firefighters managed to contain the blaze by 75% on Friday.
On Thursday, the Kenneth fire was reported at 2.40pm local time, according to Ventura County Fire Department, near a place called Victory Trailhead at the border of Ventura and Los Angeles counties.
This footage from a fire-monitoring camera in Simi Valley shows plumes of smoke billowing from the Kenneth fire.
Sky News analysed infrared satellite imagery to show how these fires grew all across LA.
The largest fires are still far from being contained, and have prompted thousands of residents to flee their homes as officials continued to keep large areas under evacuation orders. It’s unclear when they’ll be able to return.
“This is a tremendous loss that is going to result in many people and businesses needing a lot of help, as they begin the very slow process of putting their lives back together and rebuilding,” said Mr Porter.
“This is going to be an event that is going to likely take some people and businesses, perhaps a decade to recover from this fully.”
The Data and Forensics team is a multi-skilled unit dedicated to providing transparent journalism from Sky News. We gather, analyse and visualise data to tell data-driven stories. We combine traditional reporting skills with advanced analysis of satellite images, social media and other open source information. Through multimedia storytelling we aim to better explain the world while also showing how our journalism is done.