Tottenham owner Joe Lewis indicted in US for ‘brazen insider trading scheme’

British billionaire and Tottenham Hotspur owner Joe Lewis has been indicted in New York for “orchestrating a brazen insider trading scheme”, a US attorney said.

Damian Williams, the US attorney for the Southern District of New York, alleged that over several years Mr Lewis had “abused his access to corporate boardrooms” and given inside information to romantic partners, personal assistants, private pilots and his friends.

“Those folks then traded on that inside information and made millions of dollars in the stock market, because thanks to Lewis those bets were a sure thing,” he added.

Mr Williams described Mr Lewis’s alleged behaviour as “classic corporate corruption”.

He said: “Now, none of this was necessary. Joe Lewis is a wealthy man. But as we allege he used inside information as a way 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. Laws that apply to everyone, no matter who you are.

“That’s why Joe Lewis has been indicted and will face justice here in the Southern District of New York.”

Mr Lewis, 86, is the founder and primary investor of Bahamas-based investment firm Tavistock Group.

He was ranked 39th in the 2023 Sunday Times Rich List, with an estimated worth of more than £5 billion.

He bought a controlling stake in Tottenham from Sir Alan Sugar in 2001 for £22 million.

Mr Lewis officially ceded control of the club last year, with Bahamian lawyer Bryan A Glinton replacing him as a director, according to Companies House.

His stake in the club – which he held through the ENIC Group alongside Daniel Levy – was formally handed to a family trust last year.

Family members of Mr Lewis remain beneficiaries of the trust.

The Premier League club said in a statement: “This is a legal matter unconnected with the club and as such we have no comment.”

Tavistock Group has been contacted for comment.