{"id":40842,"date":"2023-07-26T16:36:37","date_gmt":"2023-07-26T20:36:37","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/pilots-beauty-queens-and-stock-tips-the-insider-trading-case-against-billionaire-joe-lewis\/"},"modified":"2023-07-26T16:36:38","modified_gmt":"2023-07-26T20:36:38","slug":"pilots-beauty-queens-and-stock-tips-the-insider-trading-case-against-billionaire-joe-lewis","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=40842","title":{"rendered":"Pilots, beauty queens and stock tips: The insider trading-case against billionaire Joe Lewis"},"content":{"rendered":"
\n

It was supposed to be a retirement gift, but it turned out to be a crime.<\/p>\n

Joe Lewis, the British billionaire-owner of the Tottenham Hotspur Football Club, spent long hours on his private jet with his two pilots, Patrick J. O\u2019Connor and Bryan L. Waugh, during which the men often discussed stock trading.<\/p>\n

\n

The pilots \u2014 who were approaching retirement \u2014 were employed by one of Lewis\u2019 portfolio companies, which didn\u2019t offer them any formal retirement plan. So Lewis decided to help them out with secret stock tips, federal investigators say.<\/p>\n

But the tips were based on insider information that Lewis had gathered through his investment in various companies and that he wasn\u2019t at liberty to discuss, according to charges brought by the U.S. attorney\u2019s office in Manhattan and by the Securities and Exchange Commission.<\/p>\n

To further help O\u2019Connor, 66, of Preston Hollow, N.Y., and Waugh, 64, of Lynchburg, Va., Lewis allegedly lent them each $500,000 to make a purchase in a biotech firm he knew was about to make a major announcement that would send its stock price skyrocketing, the charges allege.<\/p>\n

\u201cThink the Boss has inside info. Otherwise why would he make us invest,\u201d O\u2019Connor wrote in an encrypted text to a friend, according to a court document filed by the SEC. \u201cBoss lent [Waugh] and I $500,000 each for this. [I\u2019m] pretty sure he knows the outcome.\u201d<\/p>\n

The SEC alleges Waugh and O\u2019Connor each made over $200,000 in profit on the deal.<\/p>\n

Lewis, 86, has been charged along with Waugh and O\u2019Connor with insider trading by federal prosecutors in Manhattan, who allege the billionaire investment tycoon regularly lavished his employees and friends with illegal stock tips that lined their pockets with millions of dollars in ill-gotten gains. The three turned themselves in on Wednesday to face charges in New York.<\/p>\n

Lewis\u2019 attorney, David Zornow, called the charges a mistake.<\/p>\n

\u201cThe 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 U.S. voluntarily to answer these ill-conceived charges, and we will defend him vigorously in court,\u201d he said.\u00a0<\/p>\n

Lawyers for O\u2019Connor and Waugh didn\u2019t immediately respond to messages seeking comment.<\/p>\n

The men were additionally hit with civil accusations by the SEC, which also named Lewis\u2019 former girlfriend, Carolyn W. Carter, 33, as having allegedly received hundreds of thousands of dollars as the result of illegal stock tips.<\/p>\n

Others who benefited from Lewis\u2019 loose lips included staff on his private, $250-million super yacht, the Aviva, prosecutors said.<\/p>\n

The SEC said that Carter \u2014 a beauty pageant queen who was once Miss U.S. Virgin Islands \u2014 had received extensive stock advice from Lewis in the years she was romantically involved from 2013 through 2020.<\/p>\n

During that time, the SEC says Lewis \u2014 who is worth $6.1 billion according to estimates by Forbes \u2014 gave Carter around $100,000 a year and gave her frequent tips on how to invest it, often based on inside information he received through his own investments.<\/p>\n

In 2019, the SEC alleged that while the two met at a luxury hotel in South Korea, Lewis gave Carter a heads up that a special acquisition company he was involved with was about to receive a PIPE investment that would send the stock soaring. Investigators say that within three hours, Carter purchased $700,000 worth of the company\u2019s stock and made nearly $175,000 in profit the next day when the move was announced.<\/p>\n

A message sent to Carter wasn\u2019t immediately returned.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

It was supposed to be a retirement gift, but it turned out to be a crime. Joe Lewis, the British billionaire-owner of the Tottenham Hotspur Football Club, spent long hours on his private jet with his two pilots, Patrick J. O\u2019Connor and Bryan L. Waugh, during which the men often discussed stock trading. The pilots […]<\/p>\n","protected":false},"author":1,"featured_media":40497,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-40842","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nPilots, beauty queens and stock tips: The insider trading-case against billionaire Joe Lewis | iFintechWorld<\/title>\n<meta name=\"description\" content=\"It was supposed to be a retirement gift, but it turned out to be a crime. 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