Fancy Meeting You Here: Tottenham Owner Sentencing Scheduled On Same Day, Same Courthouse As SBF, Not The Pair's First Connection

Zinger Key Points
  • Tottenham Owner Joe Lewis pleads guilty to insider trading, faces March sentencing.
  • Lewis and SBF connected through Albany investment and Deltec Bank's Jean Chalopin.

Tottenham Hotspur’s owner, one of the largest soccer clubs in Europe, pleaded guilty to insider trading Wednesday, saying he was “embarrassed” by his actions.

The U.S. Attorney's office in Manhattan charged Joe Lewis with insider trading for passing along non-public insider information to his friends and personal pilots, allowing them to profit off of news that had not yet been released to the public.

Lewis made his fortune running restaurants, shorting the pound with George Soros in the 1990s, netting billions of dollars on the trade.

Reuters reports that Lewis is set to be sentenced on March 28 in New York, coinciding with Sam Bankman-Fried’s sentencing at the same courthouse. Lewis's sentencing is scheduled for the morning, followed by SBF’s in the afternoon.

But being sentenced on the same day and in the same courthouse is not the pair’s first connection. Lewis, through his private investment firm Tavistock, is an investor in the Bahamas waterfront luxury real estate development Albany, where Bankman-Fried lived and was arrested in 2022, according to Reuters.

Read Also: Jailed Cryptocurrency Mogul Sam Bankman-Fried Is Trading A New Alternative Currency In Federal Prison

The Details: Through Tavistock, Lewis held investments in various companies, including a number of biotech companies. Lewis tipped off friends, including his ex-girlfriend and private pilots, allowing them to invest in said biotech companies before positive news was announced, according to Reuters. 

SBF and Lewis are also connected through Deltec Bank’s owner Jean Chalopin, who sold Lewis the “Albany House” property in the Bahamas in 2014, according to Protos. Chalopin was also the primary banker for FTX, and helped the company and Bankman-Fried get regulatory clearance in the Bahamas through the DARE Act.

Now Read: Humana Blames Medicare Advantage As Stock Falls After Larger Than Expected Quarterly Loss, Grim Outlook

Photo: Shutterstock 

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsLegalTop StoriesGeneralinsider tradingJoe LewisSam Bankman-FriedSBFStories That Matter
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!