British Billionaire Joe Lewis is trying all he can to avoid jail time, including ponying up one of the world’s most expensive yachts.
The Tottenham Hotspur owner pleaded not guilty to insider trading on July 26 and was released on a $300 million bond that will be secured by his yacht, named Aviva, worth an estimated $250 million, and a private plane.
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Lewis, 86, entered the plea in Manhattan federal court.
Prosecutors say Lewis committed “brazen” insider trading by giving stock market tips on companies he had invested in to friends, personal assistants, private pilots, and a former romantic partner.
These were tips from 2019 through 2021 about companies like Mirati Therapeutics (MRTX) -) and Solid Biosciences (SLDB) -). He also allegedly lent his own money so that his informants could invest the cash.
Those he informed allegedly made millions through those tips.
Lewis, whose net worth is $6.2 billion according to Forbes, founded the investment firm Tavistock Group which holds most of his assets like Tottenham as well investments in real estate, hotels & resorts, and restaurants.
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The bail conditions for the billionaire require him to keep the FBI informed of the movements of his yacht. He is also not allowed to use his plane unless it’s to travel to court appearances.
