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Tottenham Hotspur owner Joe Lewis has been charged for insider trading.
The U.S. Attorney for the Southern District of New York, Damian Williams, announced the charges Tuesday.
Williams described it as a “brazen insider trading scheme.” They alleged that “for years,” Lewis would use his “access to corporate board rooms” to provide “inside information” to a lengthy list of individuals.
According to Williams, the allegations include passing tips to friends, romantic interests, private pilots and personal assistants. Those individuals then allegedly made “millions of dollars” making “sure thing” stock market bets.
The Tottenham Hotspur owner is accused of using the insider tips as a form of compensation for his employees, friends and “lovers.”
Lewis has been “indicted and will face justice” in the Southern District of New York, Williams concluded.
The BBC reached out to the club and to Joe Lewis for comment, without receiving a response.
Lewis has numerous assets and a net worth of over $6 billion. The Premier League’s Tottenham Hotspur is the crown jewel, but he also owns a stake in a pub chain in the UK.
Tottenham Hotspur Owner Latest Premier League Financial Scandal
This news is the most significant financial blow to Spurs since the the humiliating loss to Newcastle that led to ticket refunds.
It’s also the latest example of financial problems with Premier League owners.
Manchester City was charged earlier in 2023 with breaching the league’s financial rules. Other owners have been accused of using Premier League teams to launder money, and former Chelsea owner Roman Abramovich was forced to sell the team in 2022.
As of Friday evening, it’s unclear what the fallout will be with regards to ownership of the North London side. But for Spurs, coming off a disappointing 8th place spot in the table, it’s sure to be an unwelcome distraction just a few weeks before the season kicks off.