Donald Trump Pardons Billionaire Joe Lewis

British billionaire Joe Lewis, the former owner of Tottenham Hotspur, has been pardoned by Donald Trump. He was convicted in 2024 for his role in what prosecutors described as a brazen insider trading scheme.

Lewis, now 88, was fined $5 mln (£3.8 mln) and given three years probation by a New York judge last year. He avoided prison after pleading guilty to passing inside information in a scheme that prosecutors said was intended to benefit friends, romantic partners and staff.

His legal team had initially argued that the charges of fraud and conspiracy were an egregious mistake, yet Lewis later changed his plea once prosecutors agreed not to seek a custodial sentence. Under the deal he retained the right to reverse his plea if imprisonment were ordered.

Addressing the court at the time, Lewis said he had made a terrible mistake, acknowledged breaking the law and expressed deep regret.

Judge Jessica Clarke ruled that his circumstances did not justify jail time and imposed a $44 mln penalty on his company Broad Bay, in addition to Lewis’s personal fine and probation.

Fines will not be returned

The Daily Telegraph first reported on Thursday that Trump planned to grant Lewis a full pardon. The Guardian understands that neither Lewis nor his company will have their fines returned.

White House later confirmed the decision, noting that Lewis sought the pardon so he could receive medical treatment in the United States and see his grandchildren and great-grandchildren, according to the Associated Press.

Lewis said he was pleased to move on and looked forward to retirement while watching younger generations continue to grow the family businesses. A source close to the family thanked Trump and said Lewis had been a visionary throughout a long global business career.

Lewis transferred his controlling interest in Tottenham Hotspur to a family trust in 2022, a year before charges were filed. The club is now run by his daughter Vivienne, his son Charles and his son-in-law Nick Beucher.

Details of the scheme were set out in a 29-page document published in 2023 by the US attorney for the Southern District of New York. Prosecutors alleged that Lewis shared confidential share tips with employees, including his private jet pilot and a then 33-year-old girlfriend, Carolyn Carter, enabling them to profit from trading.