British Billionaire Joe Lewis Avoids Prison Time in U.S. Insider-Trading Case – WSJ

Lewis, 87 years old, pleaded guilty in January to securities-fraud charges for tipping off a romantic partner, a poker buddy and the pilots of his private jet to confidential information about companies he was invested in. Federal prosecutors said while Lewis—one of the 500 richest people in the world—didn’t profit from the scheme, his associates collectively made millions of dollars by trading on the information.

At Lewis’s sentencing hearing, U.S. District Judge Jessica Clarke ordered him to serve three years probation and pay a fine of $5 million. Federal sentencing guidelines recommended Lewis serve between 18 months and two years in prison. While Clarke called Lewis’s crimes serious, she said she chose not to put him behind bars because of his medical needs and that he was far older than the vast majority of inmates in the federal prison system.

“Mr. Lewis’s life would be at serious risk if he were to be incarcerated,” Clarke said.

Source: British Billionaire Joe Lewis Avoids Prison Time in U.S. Insider-Trading Case – WSJ