January 24, (THEWILL) – Joseph C. Lewis, the 86-year-old billionaire, founder of ENIC Group, which owns English Premier League football club Tottenham Hotspur, pleaded guilty to securities fraud charges in a Manhattan federal court on Wednesday.
Lewis admitted to two counts of securities fraud and one count of conspiracy to commit securities fraud. The charges related to allegations that Lewis provided insider trading tips to his romantic partners and pilots in 2019, enabling them to profit from stock trades.
“I am so embarrassed and I apologise to the court for my conduct,” Lewis told U.S. District Judge Jessica Clarke as he entered his guilty pleas. Lewis faces 18-24 months in prison under sentencing guidelines. His sentencing hearing is scheduled for March.
The insider trading scheme allegedly involved Lewis’ then-girlfriend, 33-year-old Carolyn W. Carter, who purportedly made $849,000 from a stock trade tip she received from Lewis while they were staying at a hotel in Seoul, South Korea in 2019.
Lewis’ pilots were also implicated but did not appear in court. Lewis was released on $300 million bail secured against his superyacht and private aircraft. He retains the right to appeal any custodial sentence.
Tottenham Hotspur has declined to comment, stating that Lewis ceased to be a person with significant control of the club in October 2022. The club is majority owned by ENIC Group through a family trust.
Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
