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Former Tottenham owner Joe Lewis avoids prison despite pleading guilty to insider trading

Former Tottenham Hotspur owner Joe Lewis has avoided jail despite pleading guilty to insider trading and conspiracy charges in New York, according to the Financial Times.

The 87-year-old was fined $5 million rather than time behind bars by United States District Judge Jessica Clarke. He has also been sentenced to three years’ probation. 

Clarke ruled that Lewis shouldn’t be jailed due to a litany of health issues he has been facing. 

The British billionaire admitted in court that he ‘made a terrible mistake’ and hoped ‘to make amends and to rebuild the trust’ during the remainder of his life. 

The former Spurs owner pleaded guilty to one count of conspiracy to commit securities fraud and two counts of securities fraud in January. 

But prosecutors had argued he deserved leniency due to his age, failing health and willingness to travel to the US to face the charges. 

Lewis bought a majority stake in Premier League club Tottenham Hotspur in 2001 for around £22 million. 

He officially ceded control of the Lilywhites last year, handing his stake to a family trust. 

The English club previously described the charges against Lewis as ‘unconnected with the club’.

Chairman Daniel Levy has been the face of Spurs for over 20 years.

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