Former Tottenham Hotspur owner, Joe Lewis, will be made to wait until at least January for the next court hearing in the ongoing case of his alleged insider trading.
It was revealed during the summer that Joe Lewis, who founded the ENIC group which controls the majority share of Tottenham Hotspur football club, had been indicted for insider share dealing and conspiracy. Lewis reportedly handed himself in to New York authorities at the time (Bloomberg).
After the Lewis Family Trust was restructured in October of last year, Lewis gave up his share in the ENIC group, and as such, this legal matter will not directly affect the club (Telegraph).
At the time, a spokesperson for Tottenham even insisted there would be no comment as the legal matter was entirely ‘unconnected’ to the football club (Sky News).
According to a report from the Daily Mail revealed Lewis had been indicted on ’16 counts’ of insider trading, but Lewis’ lawyers believed the case was based on an ‘egregious error.’
Joe Lewis trial to continue next year
Now, the latest update on the situation comes from The Athletic, with news that Lewis’ next court hearing will not be happening until early 2024.
The report describes how Lewis is accused of “orchestrating a brazen insider trading scheme,” including the sharing of “non-public information [with] his girlfriend and two private pilots.”
The case has “lagged” since July after it was revealed that another of Lewis’ businesses, Tavistock Financial LLC, had covered legal fees for the two pilots in question.
The pair are employed by Tavistock Aviation, which presents a potential “conflict of interest” and, although both pilots had been paying for their own legal fees, those have now been reimbursed by Tavistock Financial.
Apparently, federal prosecutors have roughly a month to “conclude discovery” and gather their evidence, before the next “status conference” on January 10. This is the earliest date Lewis may reappear in court.
Lewis is accused of “market manipulation” and “misleading filings” between 2013 and 2021. It is suggested the activity allowed Lewis and those around him to “collectively make millions of dollars.”
Spurs Web Opinion
This does not sound good for Joe Lewis at all, and it is hoped none of this ends up having an effect on Daniel Levy or any other facet of the club. Thankfully, it would appear to be entirely disconnected from anything to do with Spurs.
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