Former Tottenham owner Joe Lewis AVOIDS jail as he is sentenced to three years' probation in Manhattan Federal Court and handed $5MILLION fine in insider trading case

British billionaire and former Tottenham Hotspurs FC owner Joe Lewis avoided jail time as he appeared in US court to face sentencing for insider trading charges in New York Thursday.

Lewis, 87, pled guilty to ‘brazen’ insider trading and conspiracy charges in January, admitting to sharing insider secrets about publicly traded companies with several individuals.

Under US sentencing guidelines, Lewis, worth approximately $6.2 billion, faced 18 months to two years behind bars but he escaped jail time as Judge Jessica G.L. Clarke instead handed down a sentence of three years probation and $5million fine after prosecutors urged for leniency.

Wearing a patch over his eye for a ‘serious condition’ his lawyers said required surgery back in his native London, Lewis appeared very much the frail old man both the prosecution and the defense argued wouldn’t survive incarceration.

Judge Clarke said that the offense was ‘without doubt serious’ but that the condition of Lewis’ ‘deteriorating health’ did not warrant incarceration.

The court fined Lewis’s company Broad Bay $44m, bringing the total fine and restitution to $49m.

Remaining seated as he addressed the judge, Lewis acknowledged he had made a ‘terrible’ mistake, once again saying he felt ashamed as he vowed to use ‘the time I have remaining to make amends’.

‘At an early age, I learned how precious life is. I made a terrible mistake. I broke the law. I am ashamed, sorry, and I hold myself accountable. If your honor so desires, I wish to use the time I have left to make amends and rebuild trust,’ Lewis said in a brief statement to the court, which acknowledged his childhood during the Blitz in London.

Prosecutor Jason Richmond argued Lewis had committed ‘undeniably serious’ and ‘calculated’ crimes and that the case sent the message that ‘even billionaires aren’t above the law’.

However, he acknowledged the ‘unique situation’ that the mitigating factors of Lewis’ age and health condition posed.

Lewis was arrested and charged in July 2023 for passing confidential financial information to a range of associates, including his girlfriend, his two pilots and even a poker associate. The alleged crimes are said to have taken place between 2013 and 2021, when Lewis was Spurs’ owner.

He was freed on a $300million bond secured against his luxury yacht and private aircraft.