FTX-linked billionaire Joe Lewis pleads guilty to 19 fraud charges in US

In a major development, billionaire Joe Lewis has pleaded guilty to 19 counts of fraud related to insider trading in the United States.

Lewis, who has sold more than $76 million worth of property in the Bahamas to FTX founder Sam Bankman-Fried, admitted to participating in a scheme to benefit friends and colleagues.

Securities fraud scandal

Lewis, 86, pleaded guilty to one count of conspiracy to commit securities fraud and two counts of securities fraud under a deal with the U.S. Attorney’s Office in Manhattan, Reuters reported.Litecoin DOGE Miner Asic

However, his attorney, David Zornow, said Lewis reserves the right to appeal if the judge imposes a prison sentence. Sentencing is scheduled for March 28th.

The charges against Lewis, whose family trust holds majority control of the Tottenham Hotspur soccer team, stemmed from the fact that he provided insider information about his portfolio companies to private pilots, friends, personal assistants and lovers.

Prosecutors claim that these individuals allegedly used the privileged information to make millions of dollars in profits.

At the hearing, Lewis expressed regret for his actions to U.S. District Judge Jessica Clarke.Lewis acknowledged that his actions were wrongful and stated, “I am extremely embarrassed and I apologize to the court for my actions.” Notably, Lewis initially pleaded not guilty when he was charged in July.

Federal prosecutors filed 16 counts of securities fraud and three counts of conspiracy against Lewis, covering misconduct between 2013 and 2021.

Although Lewis will not plead guilty to all of the counts as part of the agreement, Judge Clarke said she may consider them for sentencing purposes. Manhattan U.S. Attorney Damian Williams emphasized in a statement that the law applies to everyone, regardless of wealth or status.

FTX’s Bahamas Luxury Real Estate Connection

Lewis’ bail conditions restrict him from leaving the U.S., boarding a yacht or using an airplane unless he appears in court. His travel is limited to New York, Florida and Georgia, where he owns the property.Bitmain Miner

Lewis’ sentencing coincides with another high-profile case involving disgraced billionaire Sam Bankman-Fried of FTX.

As previously reported, Bankman-Fried is scheduled to be sentenced on charges of embezzling billions of dollars from FTX exchange customers. Both hearings will be held in the same courthouse, with Bankman-Fried’s sentencing taking place in the morning and Lewis’ in the afternoon.

Interestingly, Lewis’ investment firm, Tavistock, reportedly invested in the luxury Bahamian beachfront real estate development of Albany, where Bankman-Fried was living at the time, and was arrested in 2022.