British billionaire Joe Lewis pleads guilty in insider trading case
By LARRY NEUMEISTER
Associated Press
NEW YORK (AP) — British billionaire Joe Lewis has pleaded guilty to insider trading and conspiracy charges in New York. Lewis’ family trust owns the Tottenham Hotspur soccer team. The 86-year-old businessman appeared Wednesday in a federal court in Manhattan, six months after he was charged in the case. U.S. Attorney Damian Williams said the plea deal includes the largest financial penalty for insider trading in a decade. He says Broad Bay Limited, which Lewis owns, will pay over $50 million in financial penalties. Federal sentencing guidelines call for a prison sentence of between 18 and 24 months, though Lewis can seek less than that. His sentencing hearing is scheduled for March 28.
