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Billionaire Posts $300M Bond in Insider Trading Case

British Billionaire and Tottenham Hotspur soccer club owner Joe Lewis is putting up his superyacht and private plane to secure a $300 million bond after he was arrested on insider trading charges.

Credit: DepositPhotos

Lewis Surrenders to Federal Authorities

Joe Lewis, 86, surrendered to federal authorities in New York on Wednesday morning on charges of providing inside information to several individuals, including romantic partners, friends, personal assistants, and private pilots. These individuals allegedly used his tips on the stock market to make millions.

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Lewis Pleads “Not Guilty” in Court

In Manhattan federal court, Joe Lewis appeared wearing a grey suit, white shirt, and black tie, and pleaded “not guilty” to the charges.

$300 Million Bond Secured by Superyacht and Private Plane

Lewis was released on a $300 million bond, which will be secured by his superyacht, “AVIVA,” and his personal plane.

AVIVA: A $250 Million Superyacht

“AVIVA” is a $250 million superyacht built in 2017, and it ranks among the largest yachts in the world, measuring 322 feet in length.

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Bail Conditions and Restricted Travel

As part of the bail conditions, Lewis must inform the FBI of his yacht’s movements, and he can only use his plane for court appearances. He is not allowed to leave the US, and his domestic travel is limited to specific areas of New York and Florida.

19-Count Indictment for Securities Fraud and Conspiracy

Lewis, the founder of Tavistock Group and worth $6.1 billion according to Forbes, faces a 19-count indictment for securities fraud and conspiracy.

Alleged Insider Information and Stock Market Manipulation

Federal authorities claim that Lewis shared confidential information about companies like Mirati Therapeutics, Solid Biosciences, and Australian Agricultural Co. He is also accused of conspiring to defraud Mirati, the US Securities and Exchange Commission, and investors by concealing his over 20% stake in Mirati, a cancer therapy company.

Lending Money for Investments Based on Tips

The billionaire allegedly lent money to individuals to invest based on his tips. In one instance, Lewis wired $1 million to two pilots in October 2019 to purchase shares of Mirati. The stock reportedly surged by 16.7% after the company announced a successful clinical trial, and the pilots supposedly repaid the borrowed money.

Defense Claims Innocence

David Zornow, Lewis’s defense attorney, stated that the government made an “egregious error in judgment” by charging the 86-year-old with impeccable integrity and significant accomplishments. Lewis voluntarily came to the US to address the charges, and he will be vigorously defended in court.

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