Reported by Corinne Ramey and James Fanelli

British billionaire Joe Lewis pleaded guilty Wednesday to securities-fraud charges, resolving an insider-trading case in which prosecutors accused him of tipping off pilots, personal assistants and romantic partners about companies in which he invested.

The 86-year-old Lewis, whose family owns the English Premier League soccer club Tottenham Hotspur, pleaded guilty to three felony offenses—a fraction of the charges he faced—during a hearing in federal court in Manhattan. His sentencing is scheduled for March 28. Lewis, who appeared frail and wore a charcoal gray suit, agreed not to appeal unless he is sentenced to incarceration.

Broad Bay Ltd., an investment firm owned and controlled by Lewis, also entered a guilty plea to a single count of securities fraud and agreed to pay $50 million in penalties and serve five years of probation. 

The U.S. attorney’s office in Manhattan in July charged Lewis with 19 criminal counts, alleging he shared inside information as a way to give gifts to friends and compensate his employees. The billionaire, who is the principal owner of holding company the Tavistock Group, received confidential information from employees whom he deputized to serve on various company boards, prosecutors said.

Lewis came to the U.S. voluntarily to surrender and was released on a $300 million bond, secured by his yacht and a private plane.

Read full report: https://www.wsj.com/finance/investing/british-billionaire-joe-lewis-pleads-guilty-to-insider-trading-9a8c6475