British billionaire, Joe Lewis, whose family are the proprietors of the Tottenham Hotspur football club will not face a prison sentence related to insider trading charges. On Thursday, a judge in Manhattan ruled in favour of imposing a $5 million fine and a probation period of three years onto the 87-year-old. Lewis confessed to the charges of fraud in January, consequent to an inquiry in which he was identified to have shared secret stock tips with his friends, personal pilots and a girlfriend. This resulted in the beneficiaries making over half a million dollars by manipulating the confidential details, Lewis had access to through his positions on multiple corporate boards, as stated by the public prosecutors. – Copyright The Financial Times Limited 2024
