Money

British billionaire pleads guilty to U.S. insider trading

Published

2 years ago

January 25, 2024

Ahron Young

British billionaire Joe Lewis, who oversees the family trust controlling Tottenham Hotspur, has entered a guilty plea in the United States on charges of insider trading.

The plea follows accusations that Lewis was involved in a scheme intended to benefit friends and associates.

During the proceedings, Lewis expressed remorse for his actions and apologized to the presiding judge.

The 86-year-old pleaded guilty to one count of conspiracy to commit securities fraud and two counts of securities fraud as part of an agreement reached with the U.S. Attorney’s office in Manhattan.

Under this plea deal, Lewis retains the right to appeal any potential prison sentence, as confirmed by his lawyer, David Zornow.

Consequences of his actions

Sentencing has been scheduled for March 28, where Lewis will learn the consequences of his actions.

He was initially charged in July 2023 with allegedly sharing confidential information about his portfolio companies with private pilots, friends, personal assistants, and romantic partners.

These individuals, according to prosecutors, were able to reap substantial profits as a result of this insider information.

Addressing U.S. District Judge Jessica Clarke during the recent hearing, Lewis admitted that he knew his actions were wrongful. “I am so embarrassed and I apologize to the court for my conduct,” he stated. It’s noteworthy that Lewis had previously pleaded not guilty in July.

Pleaded guilty

Although Lewis faced 16 counts of securities fraud and three counts of conspiracy related to activities spanning from 2013 to 2021, he has only pleaded guilty to the counts specified in the plea agreement.

Judge Clarke indicated that the other counts may be considered for sentencing purposes.

In response to the case, Damian Williams, the U.S. Attorney in Manhattan, emphasized that the law applies equally to everyone, regardless of their wealth or status.

Additionally, Lewis’s company, Broad Bay Ltd, a Bahamian entity reportedly used to conceal his ownership of Mirati Therapeutics shares, also entered a guilty plea and agreed to pay a $50 million fine.

Broad Bay Ltd is set to serve five years of probation. As part of the plea agreement, Lewis and his associated companies will be required to resign from the boards of U.S. companies they control.

Joe Lewis, who originally entered the business world by taking over his father’s pub in London’s East End, now boasts an estimated net worth of $6.2 billion, according to Forbes.

After selling his initial business, he founded the investment firm Tavistock Group and relocated to the Bahamas, known for its favorable tax rates.

Money

RBA rate shock: ASX200, Gold and Crypto market

RBA’s interest rate shift impacts ASX200, AUD; gold/silver rebound analyzed amidst upcoming economic data and crypto market navigation.

Published

12 hours ago

February 10, 2026

Harvey Vargas

RBA’s interest rate shift impacts ASX200, AUD; gold/silver rebound analyzed amidst upcoming economic data and crypto market navigation.

The RBA’s latest interest rate decision has sent ripples through the ASX200 and AUD, leaving investors weighing what comes next. We break down how these changes could affect global equities ahead of this week’s crucial non-farm payroll and consumer price index releases.

Zoran Kresovic from Blueberry Markets shares his analysis on the rebound in gold and silver after recent market turbulence, and what factors could drive further gains or sell-offs in the commodities market.

We also dive into the current state of cryptocurrencies, exploring how investors can navigate volatility and what to watch as economic data continues to shape market sentiment.

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#RBA #ASX200 #GoldMarket #SilverRebound #CryptoUpdate #InvestingTips #MarketVolatility #EconomicOutlook

Money

Dow hits record while tech stocks drive market gains

S&P 500 rose 0.7% with Nvidia and Broadcom driving gains; investors await delayed January jobs and inflation reports.

Published

13 hours ago

February 10, 2026

Harvey Vargas

S&P 500 rose 0.7% with Nvidia and Broadcom driving gains; investors await delayed January jobs and inflation reports.

The S&P 500 rose 0.7% on Monday, powered by gains in technology stocks, while the Dow Jones Industrial Average hit new heights. Investors are eagerly awaiting crucial economic reports this week.

Nvidia and Broadcom were among the standout performers, climbing 3% and 4% respectively, continuing the momentum from the previous session. The market rebound comes after significant losses earlier last week, with the Dow exceeding 50,000 for the first time ever on Friday.

Investors now turn their attention to the delayed January jobs report from the Bureau of Labor Statistics, due Wednesday, and the consumer price index for January, expected Friday with a 2.5% annual rise.

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Money

Tech stocks slide as investors rotate into small-cap and value plays

Nasdaq drops 1.84% amid turbulent week; investors pivot to cyclical and value sectors from high-growth tech.

Published

1 day ago

February 9, 2026

Harvey Vargas

Nasdaq drops 1.84% amid turbulent week; investors pivot to cyclical and value sectors from high-growth tech.

U.S. equity markets wrapped up a turbulent week with mixed results. The Nasdaq Composite fell 1.84%, marking its worst week for large-cap technology stocks since November, while the S&P 500 remained largely unchanged. Investors are weighing concerns about artificial intelligence and potential overinvestment in high-growth areas.

Meanwhile, smaller-cap and value-oriented stocks continued to add to their year-to-date gains. Market participants rotated into cyclical sectors that had lagged, reflecting a shift in investor sentiment and appetite for risk outside the traditional tech heavyweights.

Analysts say this rotation highlights the broader market’s evolving dynamics, as growth concerns collide with opportunities in underappreciated areas. Stay tuned for further developments as the market digests these trends.

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