Billionaire Joe Lewis has been charged with insider trading, with prosecutors saying he helped personal pilots, assistants, and romantic partners make 'millions'
it has investments in more than 200 companies including country clubs, real-estate developments, and a UK pub chain. Lewis also owns English soccer team Tottenham Hotspur.
In one instance detailed in the indictment, prosecutors say Lewis got non-public information positive results from a clinical trial by Mirati, an oncology company, via an employee at his hedge fund who sat on Mirati's board. Lewis, one of Mirati's biggest shareholders, urged a girlfriend of his, his two pilots, his executive assistant, a person he was romantically involved with, and a person he occasionally played poker with in Argentina to buy Mirati stock, per the indictment.
The indictment also says that, as one of the largest shareholders in Solid Biosciences, Lewis was given confidential information about an upcoming announcement of favorable clinical results. Under advice from Lewis to buy the company's stock before the news became public, his girlfriend and two pilots bought shares, per the indictment.
Lewis shared this information with the two pilots and urged them to sell off their stock, according to the indictment. The company's stock fell the next day after it publicly announced its losses, but the pilots' stockbroker couldn't sell their shares quickly enough, according to the indictment.
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