Joe Lewis and insider trading

[aussie spur]

It's not just alleged he gave tips, there are some other allegations that perhaps could be interpreted as being more systematic. This from CBS News...

"According to the indictment, Lewis' investments in various companies gave him control of board seats, where he placed associates who let him know what they learned behind the scenes. Prosecutors say Lewis improperly doled out that confidential information between 2019 and 2021 to his chosen recipients and urged them to profit on it."

"At one point, according to the indictment, he even loaned his two private pilots $500,000 apiece to buy stock in a cancer-drug company that he knew had gotten — but not yet publicly disclosed — encouraging results from a clinical trial."

Tottenham owner Joe Lewis charged by feds with insider trading

The billionaire is accused of giving confidential stock tips to friends, employees and private pilots.

www.cbsnews.com

 

[brasil_spur]

Can people stop playing the good morals card now whenever changing ownership comes up. Because these lot are awful people.

I see the BSoDL and BSoJL are out in today with their dislike ratings.

We have a literal crook owning our club. Sure he isn't as bad, morally, as the Saudi's, probably not the Qatari's either. But the man is morally bankrupt (we've known this since black Wednesday).

So we really don't have a moral high ground from which to preach right now. "our owner is less morally corrupt and less of a crook than your's" - doesn't really have much of a ring to it.

 

[wishkah]

When people buy or sell shares on the stock market they can obviously go up or down. And you can make a profit by predicting either direction.

The market is seen as a 'fair game' and uses financial analysts to look at information, make predictions, follow trends etc. Importantly, because it's a fair game for all, the information people use to make such decisions (buy or sell) is all Public Information. Meaning you or I could find it just the same as anyone else. Information like Public Accounts or trend analysis on a sector (such as tech).

However, Joe, essentially, has been cheating. He's been getting information that 'insider' - which usually means confidential and inside the firm. This term (insider information) also denotes that the info is juicy enough to move the market, or at least move the share price. And Joe's been getting in prior to the public knowing. This is seen as cheating, its seen as abusing power and influence, and crucially its seen as eroding the trust of the system. Crucially, it can be seen as potentially hurting the common person (see next para)

When you get this information you use it for your own financial gain. If you know (before anyone else) that facebook is going to buy company X. you could buy shares in company X and then when the purchase is announced the shares would go up and you'd make loads of money. Also, you could bet against (or short) stocks you think are going down - this has the knock on affect of hammering the stock price down further which sucks because that stock may be held in your pension, and hurt loads of people. Insider trading may amplify movements which isn't fair or true.

So Joe has been alleged to have obtained such info and passed it on to his palls - who may or may not have used it. Breaking the rules around using insider info (including accessing it, and passing it on) is a massive massive no no in the eyes of the law.

I don’t think he will be found guilty anyway…no way someone who spluffs >£100m on Ndombele and Sanchez could be benefitting from insider knowledge

 

[Donki]

I can’t see them going this far with such a high profile player unless they had an iron clad case against him. I’d say they have a whistle blower or more likely an agent on the inside. They are taking this very seriously in the US, this investigation seems to have been going on for years and they want to clean up illegal/insider trading.

I think we could see Lewis getting a lot more than a smack on the wrists, he has plenty of land and assets he could see being removed.

 

[bombarda]

There are no good billionaires.

 

[JamieSpursCommunityUser]

So how do we rank now compared the oil clubs and other scumb bag owners? Are we still the ethical white knights or in the bin with the rest of them

Torturing and executing unfavourable journalists.

Giving illegal stock tips to your pilot.

Both crimes. Do we seriously believe they are ethically comparable?

 

[Donki]

I dunno if this has been posted but this was the event that initially made Lewis his money.

Black Wednesday

He bet on the value of the pound, a load of people lost a fortune. You now have to question was this really a bet? I know at the time there were rumours but now it’s certainly more than likely he knew something.

 

[allatsea]

I see the BSoDL and BSoJL are out in today with their dislike ratings.

We have a literal crook owning our club. Sure he isn't as bad, morally, as the Saudi's, probably not the Qatari's either. But the man is morally bankrupt (we've known this since black Wednesday).

So we really don't have a moral high ground from which to preach right now. "our owner is less morally corrupt and less of a crook than your's" - doesn't really have much of a ring to it.

I thought it was innocent until proven guilty ?

 

[spoon]

I’m sorry, but the real question is how the fuck does this guy have loverS?

 

[SixtyFour]

I didnt say it was, it clearly isnt. But that doesnt make ENIC good people. Because quite clearly they are not. Why are people so obtuse.

Everybody has to have an angle

 

[Scott Colliver]

Lewis clearly buys his lovers.

 

[allatsea]

I’m sorry, but the real question is how the fuck does this guy have loverS?

Money ?

 

[SirHarryHotspur]

The ownership tree , Lewis stepped down from Tottenham Hotspur Ltd but who does actually run ENIC etc, Lewis, daughter or trust.

Understanding the ownership and corporate structure of Tottenham Hotspur - Tottenham Hotspur Supporters' Club

to which THST has already submitted evidence. As part of our work, we have conducted a review of the legal structure of the Club.

www.thstofficial.com

 

[Dougal]

Oh Spurs, fuck off and only return when you're normal please

@Rob How many times do I have to reach for the optimistic rating only to find it’s not there?

 

[brasil_spur]

I thought it was innocent until proven guilty ?

There's no innocence around what happened on Black Wednesday, so he's already guilty there.

 

[Yiddo1982]

I’m sorry, but the real question is how the fuck does this guy have loverS?

 

[jurgen]

Torturing and executing unfavourable journalists.

Giving illegal stock tips to your pilot.

Both crimes. Do we seriously believe they are ethically comparable?

I haven’t seen anyone say that they are?

It’s simply that the moral high ground is the last bastion of the BSODL, and if they want to share it with Joe Lewis then fine, but many others may not.

 

[cookiemonster]

As a stockbroker myself

There are 2 things which the regulators are tough against

Insider trading is one

Market manipulation is the other

 

[robin09]

Let's have owners who aren't crooks OR human rights abusers.

Low bar, you'd think.

 

[talkshowhost86]

I see the BSoDL and BSoJL are out in today with their dislike ratings.

We have a literal crook owning our club. Sure he isn't as bad, morally, as the Saudi's, probably not the Qatari's either. But the man is morally bankrupt (we've known this since black Wednesday).

So we really don't have a moral high ground from which to preach right now. "our owner is less morally corrupt and less of a crook than your's" - doesn't really have much of a ring to it.

Actually think this is nonsense, and basically bargaining around the fact that you just want money in the club regardless of where it comes from.

There are absolutely levels of 'crook' and it's fair enough to want our next owners to be as un-crooked as possible.

A shoplifter can absolutely look down from the moral high ground on a murderer and it's daft to say otherwise.

That said...Joe Lewis is clearly a shit.