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U.S. President Donald Trump has granted a presidential pardon to Joe Lewis, the 88-year-old British billionaire whose family trust owns the Tottenham Hotspur football club. The move absolves Lewis of his conviction for orchestrating what prosecutors described as a flagrant insider trading scheme.
In January 2024, Lewis pleaded guilty to one count of conspiracy and two counts of securities fraud in a Manhattan federal court. The charges stemmed from what U.S. Attorney Damian Williams called a "brazen" plot where Lewis abused his access to corporate boardrooms to pass on non-public information to friends, personal assistants, private pilots, and romantic partners. According to prosecutors, these tips allowed his associates to reap millions of dollars in illegal profits. The shared information related to companies such as Mirati Therapeutics and Solid Biosciences.
The pardon wipes away a sentence that included a $5 million fine and three years of probation. As part of the 2024 plea agreement, Lewis avoided prison time, a leniency granted partly due to his age and health. His company, Broad Bay Ltd., also pleaded guilty to securities fraud and was ordered to pay a substantial $50 million financial penalty.
The White House confirmed the pardon, which represents a significant reversal of the legal consequences faced by the prominent investor. The original case highlighted how Lewis allegedly used confidential information as a way to compensate employees and associates. The pardon nullifies the legal ramifications of Lewis's admission of guilt for a series of crimes that prosecutors said demonstrated a disturbing pattern of corruption. At the time of his plea, Lewis's attorney had stated that his client had come to the U.S. to take responsibility for his misconduct. The details of the insider trading case had sent ripples through both the financial and sports worlds due to his high profile.
