LAGOS, Nigeria (VOICE OF NAIJA)-Joe Lewis has allegedly been charged with running a “brazen” insider trading scam, US attorney in Manhattan reports.
Damian Williams said in a video released on messaging service X, formerly known as Twitter. “Today I’m announcing that my office, the southern district of New York has indicted Joe Lewis, the British billionaire, for orchestrating a brazen insider trading scheme,”
“We allege that for years Joe Lewis abused access to corporate board rooms and repeatedly provided inside information to his romantic partners, his personal assistants, his pilots and his friends.
“Those folks then traded on that inside information and made millions of dollars on the stock market. Thanks to Lewis those bets were a sure thing.
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“None of this was necessary. Joe Lewis is a wealthy man, but as we allege he used insider information 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.”
The government committed “an egregious error in judgment in charging Mr. Lewis, an 86-year-old man of impeccable integrity and prodigious accomplishment,” according to Mr. Lewis’ attorney David Zornow.
He continued by saying that Mr. Lewis had traveled to the US willingly to face the “ill-conceived” claims, and that he would “defend vigorously in court.”
A representative for the Tottenham club stated: “We have no comment as this is a legal matter unrelated to the club.”