Joe Lewis, the British billionaire and former Tottenham Hotspur owner, has avoided a jail sentence after admitting having led an insider trading scheme.
In an arrangement that helped those close to him make millions out of publicly listed companies, Joe Lewis tipped off his girlfriend, friends and two private pilots about four stocks.
At the start of this year, the Bahamas-based businessman pleaded guilty to one count of conspiracy to commit securities fraud and two counts of security fraud.
During the trial, Lewis admitted he knew what he was doing was illegal.
Prosecutors decided to take a lenient stance with Lewis due to his age, deteriorating health and openness to deal with the US charges rather than play out a time-consuming extradition process.
Instead, Lewis will receive three years probation and has been charged US$5 million, or £4 million.
"Your honour, I'm here today because I made a terrible mistake. I’m ashamed," Lewis told the court before his sentencing.
Lewis’ English National Investment Company (ENIC) owns roughly 86% of the North London Premier League Club after Lewis bought a controlling stake from Alan Sugar for £22mln in 2001.
The 87-year-old ceased to be a “person with significant control” after a reorganisation of the Lewis Family Trusts last year.
On Wednesday, Tottenham Hotspur chairman Daniel Levy confirmed that talks are taking place with potential investors over the sale of a stake in the Premier League football club.