British billionaire Joe Lewis – whose family trust owns Tottenham – has been bailed by a judge in New York after pleading not guilty to charges of giving insider trading tips, according to reports.
The 86-year-old, who faces 16 counts of securities fraud and three counts of conspiracy, appeared at an arraignment hearing at Manhattan Federal Court on Wednesday.
After entering a not guilty plea Lewis was released on a bail of 300 million US dollars (£230m), reportedly secured by a yacht and private aircraft equivalent to that amount.
Lewis, and two of his pilots who are also facing charges, must remain in the United States.
Prosecutors say Lewis, who was arrested on Wednesday morning, is alleged to have used his access to confidential information to provide stock tips to individuals close to him, with the indictment referring to one girlfriend having made 849,000 US dollars (£657,000) on one of those tip-offs.
Lewis’ legal counsel David Zornow, from the Skadden, Arps, Slate, Meagher & Flom firm, said: “The government has made an egregious error in judgment in charging Mr Lewis, an 86-year-old man of impeccable integrity and prodigious accomplishment.
“Mr Lewis has come to the US voluntarily to answer these ill-conceived charges, and we will defend him vigorously in court.”
Each of the first 13 counts of securities fraud carries a maximum sentence of 20 years in prison, Manhattan prosecutors said in a statement issued on Wednesday.
The US Attorney for the Southern District of New York, Damian Williams, announced on Tuesday that Lewis had been indicted over a “brazen insider trading scheme”.
Prosecutors said Lewis, by virtue of his investments in certain companies, received material and non-public information about these companies.
A release from prosecutors on Wednesday alleged Lewis had “misused and misappropriated this confidential information to provide stock tips to various individuals in his life, including his employees, romantic partners, and friends, as a way to provide them with compensation and gifts”.
It added: “These individuals, in turn, traded on the tips provided by Lewis for vast personal gain.”
Lewis bought a controlling stake in Spurs in 2001 for £22million.
He officially ceded control of the club last year, with Bahamian lawyer Bryan A Glinton replacing him as a director according to Companies House.
His stake in the club – which he held through the ENIC Group alongside Daniel Levy – was formally handed to a family trust last year.
Family members of Lewis remain beneficiaries of the trust.
PA understands the Premier League does not consider Lewis as a person with control at Tottenham, and is therefore not subject to its owners’ and directors’ test.
A Tottenham spokesperson said: “This is a legal matter unconnected with the club and as such we have no comment.”
US prosecutors said Lewis is also alleged to have falsely disclosed the extent of his ownership shares in a pharmaceutical company, Mirati, “through an elaborate array of shell companies and other entities, including an offshore trust purportedly for the benefit of his granddaughter”.
As a result of this alleged false disclosure, prosecutors said he was able to exercise warrants in Mirati that he would otherwise not have been able to exercise, “at vast financial gain”.
Also charged were Patrick O’Connor and Bryan Waugh, two pilots employed by Lewis to fly his private aircraft. In one instance, it is alleged Lewis loaned each of them 500,000 US dollars (more than £387,000) to buy shares in a company before it publicly announced favourable information about some clinical results.
Federal Bureau of Investigation (FBI) acting assistant director in charge Christie M Curtis said: “As alleged, Mr Lewis treated material, non-public information at his disposal as though it was something he could give his friends and associates for their benefit.
“This type of behaviour – blatant disregard for the law – is not only illegal but undermines the integrity of our financial markets.
“The FBI is determined to ensure that anyone willing to perpetrate insider trading schemes is held accountable in the United States criminal justice system.”
World Cup Girlz back in the fold? Gilbert hints at return of experienced players for Brazil friendlies
For the first time in almost nine months, it seems as if Jamaica’s interim Reggae Girlz Head coach Xavier Gilbert will have members of the World Cup squad at his disposal, when they visit Brazil for a two-match friendly international series in June.
The Girlz, who first locked horns with Brazil, and lost 0-3, at the 2019 FIFA Women’s World Cup in France, went one better at last year’s global showpiece in Australia, as they not only held the South American giants to a goalless stalemate, but also ensured their elimination at the group stage.
By all indications, that performance, and by extension, the fact that the Girlz made an historic appearance in the knockout stages of the World Cup, earned them even more respect from the number 10-ranked Brazilians, who are currently in preparation for this summer’s Olympic Games in Paris.
The games, scheduled for June 1 and 4, are expected to assist Brazil in their preparation, while the now 42nd-ranked Jamaicans will get a much-needed test to regain their appetite for international competition, having last sported the nationals colours against Canada last September.
Since that Olympic qualifying fixture in Canada, members of the World Cup squad withdrew their services from national representation, citing lack of payment and mistreatment from the Jamaica Football Federation (JFF), among their reasons.
While it is yet to be confirmed how many, if any, of the World Cup players will make the trip, Gilbert gave the clearest indication yet that there might be a few, as he welcomed the games, after not utilizing the last FIFA window.
“It is always important to secure games during the international window. It not only assists in exposing players, but it also ensures the team is active, which helps our rankings, and also our quality of play. Because as you know, the more we play together, especially against quality opponents, the better the team becomes, and we also get to work on different things both offensively and defensively,” Gilbert told SportsMax.TV.
“The expectation is for us to give a good account of ourselves, it has been a while since these players have played together, but the good thing is that they are actively engaged in their respective leagues in Europe and United States. So, it is not like they were inactive, and obviously, it is not the first time they will be playing together.
“So, we just have to keep things as simple or as close to what we did prior to, and during the World Cup, to make sure we are competitive. It is going to be a little bit different, but it’s not far-fetched that we can get another positive result against Brazil,” he added.
Atletico Madrid 3-1 Athletic Bilbao: Hosts close in on top-four finish
Atletico Madrid beat newly crowned Copa del Rey winners Athletic Bilbao 3-1 at home in LaLiga on Saturday as Diego Simeone's side moved a step closer to a top-four finish.
Fourth-placed Atletico moved onto 64 points and have increased their advantage over Athletic, in fifth, to six points with five games to play.
Midfielder Rodrigo de Paul put Atletico in front in the 15th minute with a goal from outside the box. After controlling an attempted clearance from the visitors, his effort dipped just under the bar as his strike deflected off one of the Athletic defenders.
Athletic levelled just before half-time through Nico Williams after Antoine Griezmann lost the ball through a careless pass.
But Angel Correa restored the lead for Atletico in the 52nd minute and later came close to scoring again.
With 10 minutes to play, away goalkeeper Unai Simon inadvertently made it 3-1 with an own goal after Samuel Lino’s effort came back off the post, ending any Athletic hopes of a comeback.
Hull City 3-3 Ipswich Town: Tigers fight back three times to deny Tractor Boys
Ipswich Town missed the chance to move into an automatic promotion spot as play-off-chasing Hull City came from behind three times in a thrilling 3-3 Championship draw at The MKM Stadium.
Ipswich knew a victory would take them second after Leeds United were surprisingly beaten 4-0 by Queens Park Rangers on Friday, and they led on three separate occasions, George Hirst opening the scoring before Omari Hutchinson produced two brilliant strikes from the edge of the area.
However, buoyed by slip-ups from rivals Norwich City and West Brom earlier on Saturday, Hull dug deep to fight back on each occasion, Ozan Tufan and Liam Delap scoring their first two equalisers.
With Liam Rosenior's men 3-2 down with just four minutes to play, substitute Noah Ohio blasted his shot in off the crossbar to punish an error from Ipswich goalkeeper Vaclav Hladky.
The result keeps Ipswich behind second-placed Leeds on goal difference, though the Tractor Boys have a game in hand to come at Coventry City on Tuesday.
Hull, meanwhile, are two points adrift of the top six, with Norwich's goal difference advantage meaning their top-six spot is all but assured. The Tigers will, however, leapfrog West Brom if they beat Plymouth Argyle on the final day and Albion lose to Preston North End.
Data Debrief: Hutchinson's best not enough
Hutchinson was a man who deserved to be on the winning side on Saturday, giving Ryan Allsop no chance with two near-identical left-footed strikes from the right corner of the penalty area.
His goals came from an expected goals (xG) total of just 0.6, and he led all players on the pitch for shots (eight) and passes in the final third (21), also laying on three chances for his team-mates.
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