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Joe Lewis, the tycoon who prevents access to Lago Escondido, was arrested in the US

The British millionaire surrendered to American justice and must testify in the case investigating him for financial fraud and insider information trading.

26 de July de 2023 19:23

Lewis is one of the richest men in the United Kingdom, with a net worth of more than $6 billion.

The British billionaire Joseph Lewis , owner of the ranch in Lago Escondido in southern Argentina and owner of the Tottenham Hotspur soccer club, surrendered this Wednesday to the American justice system to testify in the case that is investigating him for financial fraud and trafficking privileged information.

The U.S. Attorney's Office for the Southern District of New York accused the 86-year-old Bahamian-based tycoon of allegedly providing confidential information about publicly traded companies to several associates who profited from the purchase and sale of shares.

Between 2013 and 2021, "Lewis abused his access to company boardrooms and repeatedly provided inside information to his romantic partners, his personal assistants, his private pilots and his friends," prosecutor Damian Williams said in a statement.

"Those people then did business with that inside information and won millions of dollars in the stock market, because thanks to Lewis those bets were something certain ," he added.

For example, the British man is accused of telling a girlfriend to invest in a biotechnology company in July 2019, before the results of a clinical trial were made public.

After speaking with her, he allegedly entered her bank account himself and used almost all of his available funds to invest in the company, worth $700,000, and then sold the shares for a profit of $849,000, the BBC reported.

"None of this was necessary. Joe Lewis is a rich man, but as we allege, he used inside information as a way to compensate his employees or to shower his friends and lovers with gifts. That's classic corporate corruption."It is cheating and goes against the laws, which apply to everyone, no matter who you are ," the prosecutor added.

The 29-page indictment lists 19 charges against the businessman, including several for "stock fraud."

By Agenda Malvinas

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