On January 24, 2024, British billionaire Joe Lewis, the owner of Premier League club Tottenham Hotspur and founder of the Tavistock Group, pleaded guilty to insider trading in a Manhattan federal court.

Lewis, 86, has lived in the Bahamas for over 20 years and is still active in the foreign exchange market. He is worth an estimated $7.6 billion, making him the 319th-richest person in the world and the 8th-wealthiest person in the United Kingdom. His investment portfolio spans 15 countries.

Lewis's investment career is a legend. He was born in East London, England, on February 5, 1937. He dropped out of school at 15 and joined his father's family restaurant business. In the 1970s, the global economy began to accelerate, and Lewis seized the opportunity to sell his family business and enter the world of currency trading.

His most famous moment came in 1992, when he joined George Soros in shorting the British pound on Black Wednesday. The pound collapsed, and Lewis made a fortune. Although he has never confirmed how much money he made, it is rumored that he earned more than Soros. Lewis was thereafter considered one of the world's leading foreign exchange traders. He also successfully shorted the Mexican peso during the 1995 financial crisis.

However, Lewis's career has not been without its setbacks. He invested heavily in Bear Stearns, a former fifth-largest investment bank on Wall Street, but the bank collapsed during the 2008 financial crisis. Lewis lost an estimated $1 billion in the investment.

In July 2023, Lewis was indicted by the Manhattan District Attorney's Office on 19 charges, including 16 counts of securities fraud and three counts of conspiracy. Prosecutors alleged that Lewis had repeatedly shared insider trading information with friends, yacht crew, private jet pilots, and girlfriends. According to the indictment, Lewis and his associates made millions of dollars using the stolen information. Lewis initially pleaded not guilty and was released on $3 billion bail.

Facing a maximum sentence of 45 years in prison, Lewis pleaded guilty to one count of conspiracy to commit securities fraud and two counts of securities fraud as part of a plea deal with the Manhattan U.S. Attorney's Office. According to media reports, Lewis is likely to receive a lighter sentence as a result of his plea.

"My client has agreed to waive his right to appeal if he does not need to serve prison time," said Lewis's attorney, Barry Zornow. Zornow also confirmed that Lewis would be allowed to appeal if he is sentenced to prison.

cover image: NBC reports