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

Gold plunges as investors react to Middle East ceasefire

Gold prices fall over 2% to below $4,000, as investors shift from safe-haven assets after Gaza ceasefire news.

Published

1 day ago

October 10, 2025

ticker NEWS

Gold prices fall over 2% to below $4,000, as investors shift from safe-haven assets after Gaza ceasefire news.

Gold prices have fallen sharply, dropping over two per cent to below $4,000 per ounce, as investors took profits following the announcement of a Gaza ceasefire agreement. The deal between Israel and Hamas triggered a shift away from safe-haven assets, with silver and platinum also sliding.

The U.S. dollar strengthened as markets responded to the news, making precious metals more expensive for foreign buyers. Analysts say the pullback is likely temporary, with long-term demand for gold and silver expected to remain strong amid global instability and rising debt levels.

Market experts warn that volatility will continue as geopolitical tensions persist, even as short-term optimism grows around the Middle East peace process.

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Money

Gold and silver prices drop after Gaza ceasefire

Gold dips below $4,000/oz amid profit-taking and Gaza ceasefire; silver also softens from record highs

Published

1 day ago

October 10, 2025

Ahron Young

Gold dips below $4,000/oz amid profit-taking and Gaza ceasefire; silver also softens from record highs

In Short:
– Gold prices fell over 2% to below $4,000 per ounce due to a stronger dollar and profit-taking.
– Silver eased to $48.93 per ounce, influenced by market activity and ongoing high demand despite supply issues.

Gold prices fell over 2% on Thursday, dropping below $4,000 per ounce. The decline followed a strong rise earlier in the year and was influenced by a stronger dollar and profit-taking after a ceasefire deal between Israel and Hamas.Spot gold decreased to $3,959.48 per ounce, while U.S. gold futures for December delivery settled at $3,972.6.

Silver also experienced a slight decline, easing from its record high to $48.93 per ounce. The dollar index increased, making gold more expensive for overseas buyers.

Traders noted increased activity in the market as profit-taking coincided with reduced tensions in a historically volatile region.

An independent metals trader stated that while gold and silver may need to consolidate further, the underlying demand drivers remain intact.

Market Overview

Gold surpassed $4,000 per ounce on Wednesday, reaching $4,059.05, boosted by geopolitical tensions and strong demand from central banks. The asset has gained about 52% this year, reflecting a significant increase due to various economic factors. The U.S. central bank’s decision to cut rates in September also contributed to the rally, with expectations for future cuts in the coming months.

Silver’s price increase of 69% this year is tied closely to similar economic trends impacting gold. Notably, liquidity issues in the silver market are being exacerbated by strong demand and tight supply conditions. Other precious metals, such as platinum and palladium, also saw declines during this period.

Money

North Korean hackers steal $2 billion in crypto

North Korean hackers steal over $2 billion in cryptocurrency, marking the largest annual total in history

Published

2 days ago

October 9, 2025

Ahron Young

North Korean hackers steal over $2 billion in cryptocurrency, marking the largest annual total in history

In Short:
– North Korean hackers stole over $2 billion in cryptocurrency in 2025, nearly tripling last year’s total.
– A shift to social engineering tactics has led to increased targeting of high-net-worth individuals for cyber attacks.

North Korean hackers have reportedly stolen over $2 billion in cryptocurrency assets in 2025, setting a record with three months still left in the year.

Data from blockchain analytics firm Elliptic indicates that this amount nearly triples the total stolen last year, accounting for approximately 13% of North Korea’s estimated GDP and raising the regime’s total crypto theft to over $6 billion since 2017.

A significant portion of the 2025 theft is attributed to the February hack of cryptocurrency exchange Bybit, which amounted to $1.46 billion.

The FBI has linked this breach to state-sponsored North Korean hackers, who exploited weaknesses in Bybit’s wallet management system. More than 30 additional cyber attacks have also been associated with North Korea this year, including notable breaches at LND.fi and WOO X.

Shift In Tactics

A shift in methodology among North Korean hackers has been observed, as they now focus on social engineering rather than technical exploits. According to Elliptic, the primary vulnerability lies with individuals rather than technology.

High-net-worth individuals and corporate executives are increasingly targeted due to their relatively weaker security measures.

The hackers utilise deceptive tactics, including phishing schemes and fake job offers, to access private cryptocurrency wallets. Intelligence reports suggest that the stolen funds are used to finance North Korea’s nuclear programmes.

The regime has also improved its money laundering techniques by employing various cryptocurrencies and mixing methods to obscure fund origins. Blockchain analysts are actively tracking these stolen assets, with notable progress achieved in identifying recoverable funds.