British billionaire Joe Lewis was spared jail time for his part in a “brazen” insider trading conspiracy on Thursday, and was instead fined $5m and a three-year probation by a New York judge.
The 87-year-old, who heads the family that owns Tottenham Hotspur, had faced as much as 45 years in prison if convicted at trial. But in a court filing on Monday, prosecutors said Lewis deserved leniency given his age, health issues and the fact that he had voluntarily come to the US to face punishment.
“Punishment may come in many forms,” prosecutors wrote. “In addition to any restrictions on his liberty that the court may impose, the defendant will be subject to hefty financial penalties and significant restrictions on his future business activities.”
