The case against the 86-year-old Lewis has its curious aspects: Why would the billionaire hand out trading tips and how did the feds find out?
Wall Streeters are still buzzing and scratching their heads over the indictment of British billionaire Joe Lewis late last month in the Southern District of New York on insider-trading charges; he pleaded not guilty. Lewis, 86, came on the big stage in the early 1990s, when he made a fortune shorting the pound—the same trade that famously enriched George Soros.
Lewis’ alleged insider-trading scheme appears to be as brazen as it was idiotic. The indictment maintains that Lewis tipped off his two pilots and then-girlfriend, 33-year-old former Miss U.S. Virgin Islands, to nonpublic events in companies, including biotechs Solid Biosciences and Mirati Therapeutics, in which Lewis indirectly held stakes. In one instance, he allegedly lent money to the pilots to make the trades.
Some on Wall Street have speculated that Lewis’ indictment was somehow connected to Sam Bankman-Fried, who faces multiple charges after the collapse of his crypto exchange FTX. After all, both cases have Albany in common; both are being prosecuted by Damian Williams, the U.S. attorney for the Southern District; and the court hit both with megabond amounts for release, $250 million for SBF, $300 million for Lewis.
People familiar with the investigation tell me the government first contacted Lewis’ pilots in May of 2021, at which point SBF was still a golden child to most of the world—a good 18 months before his house of cards collapsed last fall.
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