Donald Trump is preparing to issue a full pardon to Joe Lewis, the British billionaire and former owner of Tottenham Hotspur FC, for his 2024 conviction on insider trading charges. This move would absolve the 88-year-old financier of the legal consequences from what US prosecutors described as a "brazen" scheme.
The Conviction and Sentencing
Lewis, who was born in east London, pleaded guilty last year to conspiracy and insider trading charges in a Manhattan federal court. The case centred on allegations that he passed confidential share tips to enrich his inner circle, including his private jet pilot and his then-girlfriend, Carolyn Carter.
Despite the serious nature of the charges, Judge Jessica Clarke spared Lewis a prison sentence. He was instead given three years of probation and a personal fine of $5 million (£3.8 million). His company, Broad Bay, was separately fined a substantial $44 million.
A Change of Plea and Regret
Initially, Lewis's legal team fiercely contested the charges, labelling the prosecution an "egregious" mistake. However, the investor later changed his plea to guilty after prosecutors agreed not to seek a custodial sentence. Lewis had retained the right to reverse his plea if jail time was imposed.
During his sentencing hearing, Lewis expressed contrition, stating to the court, "I made a terrible mistake. I broke the law. I am ashamed, sorry, and I hold myself accountable."
The Presidential Pardon and Family Business
The Daily Telegraph first broke the news of the impending pardon, which The Guardian understands will not involve the repayment of the multimillion-dollar fines to Lewis or his company. Official confirmation from the US Department of Justice is anticipated shortly.
In response to the development, Lewis released a statement saying, "I am pleased all of this is now behind me, and I can enjoy retirement". A source close to the Lewis family conveyed their gratitude, stating they are "extremely grateful for this pardon" and thanked President Trump for his action.
Lewis, who also holds the largest stake in the UK pub giant Mitchells & Butlers, had already transferred his majority ownership of Tottenham Hotspur to a family trust in 2022. The club is now overseen by his daughter Vivienne, his son Charles, and his grandson-in-law, Nick Beucher.
