British billionaire Joe Lewis surrenders on US insider trading charges; pilots charged

British billionaire Joe Lewis has turned himself in to U.S. authorities in Manhattan and is expected to appear in court later today to face insider trading charges, according to a spokesperson for the U.S. Attorney’s office in Manhattan. Lewis, whose family trust controls a majority of the Tottenham Hotspur soccer team, has been accused by federal prosecutors of orchestrating a “brazen” insider trading scheme by sharing tips about companies he invested in with friends, personal assistants, private pilots, and romantic partners. Two of Lewis’ pilots, Patrick O’Connor and Bryan Waugh, have also been charged with insider trading securities fraud and allegedly made millions of dollars in illegal profit from Lewis’ tips. Lewis’ lawyer, David Zornow, claims that prosecutors made a mistake in charging Lewis and states that his client voluntarily came to the United States to defend himself against the charges. Lawyers for O’Connor and Waugh have not yet responded to requests for comment. The U.S. Securities and Exchange Commission has also filed a civil insider trading case against Lewis, O’Connor, Waugh, and Lewis’ former girlfriend Carolyn Carter. Lewis, the founder of Tavistock Group, has been charged with 16 counts of securities fraud and three counts of conspiracy for alleged crimes spanning from 2013 to 2021. He is worth $6.1 billion and allegedly used his control over board of director seats at various companies to gain access to inside information. Insider trading has been a focus of the U.S. Attorney’s office in Manhattan since 2009. O’Connor and Waugh, who reside in New York and Virginia respectively, face seven counts of securities fraud and one count of conspiracy each. Tottenham Hotspur issued a statement clarifying that the legal matter is unrelated to the club and therefore they have no comment.