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Tottenham Hotspur Owner Joe Lewis Accused of ‘Shameless’ Insider Trading

Joe Lewis, the billionaire owner of Tottenham Hotspur, has been accused of “shameless” insider trading. The Financial Conduct Authority (FCA) alleges that Lewis made millions of pounds by trading on confidential information about the sale of a company.

 

 

The FCA alleges that Lewis was tipped off about the sale of the company, which was called Quindell, in 2015. Lewis then allegedly bought shares in the company before the sale was announced, making a profit of £13.4 million.

The FCA has charged Lewis with two counts of insider dealing. If convicted, he could face up to seven years in prison.

Lewis has denied the allegations, saying that he “acted in good faith” and that he “did not know” that the information he had was confidential.

The case is being heard at Southwark Crown Court.

The allegations against Lewis have raised questions about the culture of insider trading in the City of London. The FCA has said that it is “determined to root out” insider trading and that it will “take robust action” against anyone who breaks the law.

 

 

The case is also a reminder of the importance of corporate governance. Companies should have systems in place to prevent insider trading, and they should ensure that their employees are aware of the rules.

The case against Lewis is ongoing, and it is not yet clear how it will be resolved. However, the allegations have already damaged Lewis’ reputation, and they could have serious consequences for his business interests.

Here are some additional details about the case:

  • The FCA alleges that Lewis was tipped off about the sale of Quindell by a friend who was a director of the company.
  • Lewis allegedly bought shares in Quindell on two occasions, once in July 2015 and again in August 2015.
  • The sale of Quindell was announced in September 2015, and the share price of the company soared.
  • Lewis sold his shares in Quindell shortly after the announcement, making a profit of £13.4 million.
  • The FCA has charged Lewis with two counts of insider dealing.
  • If convicted, he could face up to seven years in prison.
  • Lewis has denied the allegations, saying that he “acted in good faith” and that he “did not know” that the information he had was confidential.
  • The case is being heard at Southwark Crown Court.

The case against Lewis is ongoing, and it is not yet clear how it will be resolved. However, the allegations have already damaged Lewis’ reputation, and they could have serious consequences for his business interests.

The outcome of the case will have implications for other football club owners and for the stock market as a whole. If Lewis is found guilty, it could send a message that insider trading will not be tolerated in the stock market.

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