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Who is Joe Lewis? The secretive billionaire Tottenham owner charged with insider trading
Joe Lewis, the billionaire owner of Tottenham Hotspur, has been indicted in the US on charges of insider trading. Lewis has been accused of “abusing his access to corporate boardrooms” to provide information to lovers, friends and even his private pilots. Lewis has denied the charges. In a statement, his lawyers said they would “vigorously fight” to clear his name. Who is Joe Lewis and how did he make his money? Lewis made his fortune primarily in foreign exchange and investment. He is ranked 39th among the UK’s wealthiest people, according to the Sunday Times Rich List, with a net worth of £5bn. Born in the East End of London in 1937, Lewis left school at 15 to work for his father’s catering company. He took over and rapidly expanded the business into a series of themed restaurants aimed at tourists, before selling in 1979, giving him more money to invest in his new venture, currency trading. Lewis gave Robert Earl, who later founded Hard Rock and Planet Hollywood, his first job. He was ferociously successful at working the currency markets during the 1980s and 1990s, notably betting that Britain would be forced to exit the European Monetary System, which it did in September 1992 amid the ‘Black Wednesday’ financial crisis. He earned the nickname The Boxer, a reference both to his power in the investment ring and his legendary almost namesake, Joe Louis. But he endured bruising defeats too, and lost $1bn – then a third of his fortune – in a single day when the American bank Bear Stearns collapsed at the start of the 2008 financial crisis. His $1.2bn stake was reduced to $22m in a matter of hours. Lewis owns the Tavistock Group, first set up in 1975 and now one of the most renowned and powerful private equity organisations in the world. He founded the business in the Bahamas to escape UK tax laws. Along with his Bahamian mansion, Lewis owns a ranch in Argentina (which has caused conflict with local residents), multiple homes in Florida and more property across the world. The 86-year-old is married to his long-term secretary Jane, and has two children by his first wife, Esther Browne. His son Charles lives in Argentina and is largely disconnected from the family business, but his daughter Vivienne is heavily involved. She serves on Tavistock’s board of directors and is president of the prestigious Isleworth Golf and Country Club in Florida, which Lewis owns. He has a waterfront mansion on the 600-acre Isleworth property, which is surrounded by heavy security. Lewis almost never makes public statements or conducts media interviews. Lewis loves golf, and counts Tiger Woods not only as a close friend and neighbour but also a business partner. Together they embarked on a 600-acre luxury resort called Albany on New Providence Island in the Bahamas, alongside fellow golfer Ernie Els and the singer Justin Timberlake. Albany features a mega-yacht marina, lavish villas and a championship golf course which hosts Tiger Woods’ invitational tournament, the Hero World Challenge. What has Lewis spent his fortune on? Lewis has a diverse portfolio of investments all over the world, including luxury resorts in the Americas, property in Bulgaria and even an Australian agriculture company. The development arm of Tavistock is building a 17 square-mile community at Lake Nona near Orlando, Florida, where Disney is to move its headquarters. He owns a superyacht called Aviva, which is 98m long and took three years to build. It’s most striking feature is an indoor paddle tennis court, Lewis’s daily activity, at the heart of the boat. His wardrobe is particularly decadent, described by designer Andrew Langton as “bigger than my house in France”. Lewis owns one of the most expensive private art collections in the world, including original works by Picasso and Matisse, many of which are aboard Aviva. Through Tavistock, via the ENIC Group, Lewis also owns Tottenham Hotspur. He bought 29.9% of Tottenham in 1991, and increased his stake to a majority holding in February 2001, buying out most of Lord Sugar’s shares. Despite appearing to have little interest in football, rarely showing up at Tottenham’s training ground or matches, Lewis has invested in a number of clubs including Rangers – supposedly encouraged by his former neighbour in the Bahamas, Sean Connery – and Slavia Prague. After 21 years in charge of Tottenham, Lewis is the Premier League’s longest-serving owner. The club have since moved into a world-leading stadium and reached the Champions League final in 2019, but they have won only one trophy during Lewis’s ownership and his man in charge – Spurs chairman Daniel Levy – is under increasing pressure to deliver results on the pitch. The charges brought against Lewis could disqualify him from owning Spurs under Premier League rules, should he be found guilty. What has he been charged with? Lewis has been indicted in New York for “orchestrating a brazen insider trading scheme”. Damian Williams, the US attorney for the Southern District of New York, said in a video released by his office: “We allege that for years Joe Lewis abused his access to corporate boardrooms and repeatedly provided inside information to his romantic partners, his personal assistants, his private pilots and his friends. “Those folks then traded on that inside information and made millions of dollars in the stock market, because thanks to Lewis those bets were a sure thing.” Williams described Lewis’s behaviour as “classic corporate corruption”. He said: “Now, none of this was necessary. Joe Lewis is a wealthy man. But as we allege, he used inside information as a way to compensate his employees or to shower gifts on his friends and lovers... It’s cheating, and it’s against the law. Laws that apply to everyone, no matter who you are. That’s why Joe Lewis has been indicted and will face justice here in the Southern District of New York.” A Tottenham club spokesperson said: “This is a legal matter unconnected with the club and as such we have no comment.” Read More Billionaire and Tottenham Hotspur owner Joe Lewis indicted in US for ‘brazen insider trading’
2023-07-26 18:26
Man branded a 'stalker' for sending his girlfriend 'creepy' CCTV images
A woman has been urged to leave her boyfriend after she admitted that his attempt at being “cute” left her feeling uncomfortable. In a lengthy Reddit post, the 28-year-old said that her partner (who is 11 years her senior) managed to locate her in CCTV footage and then sent her the images. She explained that she works remotely and likes to take her laptop to a nearby mall with an indoor botanical garden. “One day I told him I was there, and then later he texted me several photos that made me feel uncomfortable,” she recounted. Sign up for our free Indy100 weekly newsletter “The photos were stills from security footage from cameras around the mall. The pictures were me at a coffee shop, walking, and working on my laptop. “I don’t know how he accessed the security footage system, he doesn’t work in a field even remotely related to security,” she continued. “Receiving these pictures made me feel weird, and I sent him a direct message saying to not do it again. “I know he intended for this to be flattering or ‘cute’ but…..it didn’t feel cute. It was an awkward and uncomfortable situation to be in and we didn’t talk about it beyond that.” However, she said the matter came up several months later when they were discussing unresolved conflicts in their relationship. “I brought that up as an example of something that upset me and was never addressed,” the 28-year-old wrote. “I told him it wasn’t cute and felt invasive.” She went on: “He told me that by sending him a direct text that day saying not to do it again, that I had ‘lost my s**t’ on him just to make him seem like a creep, and I was ‘delusional’ for being upset. “He said he talked about it with friends and they said it was actually cute and I was basically being overly critical or harsh.” This wasn’t an opinion shared by fellow Redditors, hundreds of whom flocked to offer the original poster (OP) their support. “Your boyfriend is old enough to be your father, stalking you, and gaslighting you when you feel uncomfortable. RUN,” one reccomended. The OP replied: “Thank you! [I don't know] why it’s so tough for some people to simply say 'oh I’m sorry, I didn’t intend for it to come across that way, I made a misjudgment' and then just apologise and move on. Instead of getting into this gaslighty territory of telling someone they’re ‘delusional’ for having their emotions.” “Because he’s an emotionally immature almost-50-year-old,” a second commentator responded. “That’s why he’s dating someone 20 years his junior - he’s hoping you’re not mature enough to recognise how much of a red flag his behaviour is.” Others questioned how the 49-year-old had managed to get his hands on the footage in the first place. “How exactly does he have access to the cameras to begin with?” one asked. “It’s not like security footage is public; it adds a whole layer of illegality to what he’s doing.” “I would also be contacting the local police/ owners of the property where the surveillance cameras are based/ security company and telling them that information was being used this way…,” said another. “Be ready to slap him with a restraining order since he is already stalking you and illegally accessing cameras to do so - keep the pictures for proof,” added a third. While a fourth stressed: “This is a breach of your privacy, OP. This guy is the delusional one. Do not ignore this red flag – it’s controlling and abusive behaviour.” The OP responded by trying to reassure her defenders that her boyfriend’s initial act wasn’t as bad as it seemed. “I believe it was unspeakably obtuse/dumb/lacked any awareness, but not intended to be malicious or controlling,” she wrote. “However, stonewalling me after I said he had crossed the line instead of talking about it, acknowledging he had messed up and apologising, then later outright refusing to empathise with my discomfort when I brought it up again and telling me my emotions were ‘delusional’ is all out of line.” Have your say in our news democracy. Click the upvote icon at the top of the page to help raise this article through the indy100 rankings.
2023-05-21 22:18
Thousands of Afghan salons to close as Taliban deadline bites
Thousands of beauty parlours across Afghanistan were due to close permanently Tuesday following an order by Taliban authorities that cuts off one of the few revenue streams available to women, as...
2023-07-25 13:25
Stock market today: Global stocks trade mixed amid worries about China, US economies
Global shares are trading mixed as Japan’s benchmark jumped on the news of solid economic growth data, while the rest of Asia was mired in uncertainty
2023-05-17 17:52
Analysis-China was reducing Micron chip purchases years before ban
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2023-05-24 16:52
Shocking video captures suspect in attack on Virginia congressman’s staff chasing woman with baseball bat
The man suspected of attacking Virginia congressman Gerry Connolly’s staff with a baseball bat appears to have been captured on a doorbell camera chasing a woman with a baseball bat just minutes before the attack at Mr Connolly’s office. The footage, uploaded to Twitter, shows a woman screaming while running through a person’s backyard, while being chased by a man holding a bat. Just minutes later, around 10.50 am, on Monday a suspect turned up at Mr Connolly’s district office and attacked two of his staffers with a metal baseball bat, striking one on the head and the other on the side. It is unclear if the metal baseball bat used to attack the staffers was the same bat that appears in the doorbell footage video. The suspect was identified as 49-year-old Xuan-Kha Tran Pham by the City of Fairfax Police Department. According to a statement from Mr Connolly, the two staffers who were hit received “non-life threatening injures” and were transported to the hospital. One police officer also sustained minor injuries. “I have the best team in Congress. My District Office staff make themselves available to constituents and members of the public every day. The thought that someone would take advantage of my staff’s accessibility to commit an act of violence is unconscionable and devastating,” Mr Connolly said in a statement. Fairfax Police said they arrived within five minutes of the call to police and took Mr Pham into custody. He is currently being held at the Fairfax County Adult Detention Center without bail on warrants of one count of felony aggravated malicious wounding and malicious wounding. Police are unsure of the motive behind the attack on the staffers, but said they were coordinating with the US Capitol Police and Federal Bureau of Investigation’s Washington Field Office. The attack is the latest in a string of violent threats made against members of Congress. In February, Representative Angie Craig (D-MN) was attacked outside her Washington DC apartment. Last year, a man attacked then-Representative Lee Zeldin (R-NY) who was campaigning for governor at the time. In addition, a man broke into the San Francisco home of then-Speaker of the House Nancy Pelosi and assaulted her husband Paul Pelosi. Read More A suspect looking for a Virginia congressman attacked two of his staffers with a baseball bat. What happened? Congressman’s staffers hospitalised after baseball bat attack at Virginia office An assault on congressional staff shows how all too commonplace political violence has become What we know about baseball bat attack on Virginia congressman’s staff Biden to mark Jewish American Heritage Month with Broadway stars, speak out on antisemitism Man with baseball bat attacks Virginia congressman's staffers; suspect in custody
2023-05-16 22:22
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