British billionaire Joe Louis receives a pardon from President Trump

Billionaire British businessman Joe Lewis, whose family owns Tottenham Hotspur Football Club, has been granted a pardon by US President Donald Trump.

Lewis, 88, pleaded guilty to insider trading as part of a deal with prosecutors in 2024 that saw him avoid prison.

He was accused of passing information about his companies to his private pilots, friends, personal assistants and romantic partners in a scam that authorities said netted millions of dollars in profits.

A White House official said Trump agreed to pardon Lewis, who requested it so he could receive medical treatment and visit his grandchildren and great-grandchildren in the United States.

The official told the BBC: “Mr. Lewis admitted that he made a grave mistake, did not oppose extradition in this case, and paid a fine of $5 million.”

“I’m glad this is all behind me now, and I can enjoy retirement and watch my family and extended family continue to build our business on the foundation of quality and the pursuit of excellence that has become our trademark,” Lewis said in a statement.

A source close to the Lewis family confirmed the pardon to the BBC, saying they were “extremely grateful” for the pardon, and thanked Trump.

Lewis founded the investment firm Tavistock Group, which has ownership stakes in a wide range of property, sports, finance, energy and life sciences companies.

He is ranked 39th on the Sunday Times Rich List for 2023, with an estimated fortune of more than £5 billion ($6.4 billion).

He was arrested in July 2023 and charged with sixteen counts of securities fraud and three counts of conspiracy.

Prosecutors alleged that between 2013 and 2021, he abused his access to the company’s board rooms and passed inside information to his contacts.

US Attorney Damien Williams said those communications generated millions of dollars from “sure thing” bets on the stock market.

In one case, according to the indictment, Lewis asked his girlfriend to invest in a biotechnology company in July 2019, before the results of a clinical trial conducted by the company were published.

He then allegedly logged into her bank account himself and used $700,000 to invest in the company, ultimately making a profit of $849,000.

In 2024, Lewis pleaded guilty to conspiracy and two counts of securities fraud as part of a deal with prosecutors. He was later fined $5 million and sentenced to three years in prison.

Lewis is best known for his ownership of Tottenham Hotspur Football Club, which he bought a controlling stake in for £22 million in 2001 – a sum worth around $32 million.

In 2022, control was handed over to the family trust, and financial documents submitted by the club to UK Companies House indicate that Lewis no longer has “significant control” over the club.