National

Billionaire Joe Lewis Charged with Insider Trading

NASSAU, BAHAMAS – Owner of Albany resort Joseph Lewis has been charged in the U.S. with multiple counts of securities fraud & conspiracy.

Published

10 months ago

July 26, 2023

Megan Shepherd

NASSAU, BAHAMAS – British billionaire Joseph Lewis, who is a part-time resident of The Bahamas and owner of the luxury Albany resort was charged by the U.S. justice department alongside his personal pilots, Patrick O’Connor and Bryan ‘Marty’ Waugh for orchestrating what the U.S. calls a “brazen” insider trading scheme.

US attorney Damian Williams said this enabled them to reap millions of dollars of profit.

Prosecutors charged Lewis with multiple counts of securities fraud and conspiracy, for alleged crimes spanning from 2013 to 2021.

In a statement, Lewis’ lawyer called the U.S. government’s charges an “egregious error in judgment”.

He continued, “Mr. Lewis has come to the U.S. voluntarily to answer these ill-conceived charges, and we will defend him vigorously in court.”

Lewis is the founder of the investment firm Tavistock group, and, according to Forbes magazine, is worth $6.1 billion.