British billionaire and owner of the Tottenham Hotspur soccer club, Joe Lewis, surrendered to federal authorities in New York on Wednesday morning. Lewis, 86, is facing charges of securities fraud and conspiracy for allegedly providing inside information to various individuals, including romantic partners, friends, personal assistants, and private pilots, who made millions by trading on his tips in the stock market. Lewis appeared in Manhattan federal court wearing a grey suit, white shirt, and black tie, where he pleaded "not guilty" to the charges. He was subsequently released on a $300 million bond, secured by his superyacht, named "AVIVA," and his private plane.

AVIVA is a $250 million superyacht that was built in 2017 and measures 322 feet in length, making it one of the largest yachts in the world. As part of his bail conditions, Lewis must inform the FBI of the movements of his yacht, and he is only permitted to use his plane for court appearances. His travel within the United States is limited to certain parts of New York and Florida, and he is prohibited from leaving the country. According to Forbes, Lewis's net worth is $6.1 billion.

The indictment against Lewis alleges that he shared confidential information about companies such as Mirati Therapeutics, Solid Biosciences, and Australian Agricultural Co. between 2019 and 2021. He is also accused of conspiring to defraud Mirati, the US Securities and Exchange Commission (SEC), and investors from 2013 to 2018 by concealing his over 20% stake in the cancer therapy company. Prosecutors claim that Lewis provided his own money to individuals so they could invest based on his tips, including wiring $1 million to two pilots in October 2019 to buy shares of Mirati. The pilots allegedly sent text messages indicating that they believed Lewis had inside information.

Lewis's defense attorney, David Zornow, released a statement asserting that the charges against his client were ill-conceived and that Lewis had voluntarily come to the US to defend himself vigorously in court. The two pilots, Patrick O'Connor and Bryan Waugh, who were also charged in the case, pleaded not guilty and were each released on a $250,000 bond.

Prosecutors described Lewis's scheme as “brazen” and accused him of using his privileged access to corporations to gain lucrative insider information. Lewis allegedly passed this information to his inner circle, urging them to trade on the knowledge. The allegations spanned from 2013 to 2021, and if convicted, Lewis could face significant prison time. Damian Williams, the US Attorney, stated that "None of this was necessary" and emphasized that Lewis is a wealthy man.

The US Securities and Exchange Commission (SEC) also filed a civil insider trading case against Lewis, O'Connor, Waugh, and Lewis's former girlfriend, Carolyn Carter. The SEC alleges that Lewis informed Carter about a private investment in public equity transaction in July 2019, which caused the stock price of the undisclosed biotechnology company to rise significantly. Carter allegedly purchased $701,000 worth of stock and profited approximately $172,000 when the stock price soared.

Joe Lewis's indictment has sent shockwaves through the financial and sports communities. Lewis, known for his vast wealth and diverse investment portfolio, has stakes in over 200 companies worldwide. He purchased the Tottenham Hotspur soccer club in 2001 and oversaw the construction of a state-of-the-art stadium costing over $1 billion. The club's involvement in the proposed European Super League in 2021 generated widespread controversy and protests from fans.

As Lewis awaits his next court appearance on September 5, the future of both his personal and professional endeavors hangs in the balance. The legal proceedings against him highlight the ongoing efforts by authorities to crack down on insider trading and maintain the integrity of the financial markets.