British billionaire Joe Lewis pleads guilty in insider trading case

British billionaire Joe Lewis has pleaded guilty to insider trading and conspiracy charges in New York. Lewis’ family trust owns the Tottenham Hotspur soccer team. The 86-year-old businessman appeared Wednesday in a federal court in Manhattan, six months after he was charged in the case. U.S. Attorney Damian Williams said the plea deal includes the largest financial penalty for insider trading in a decade. He says Broad Bay Limited, which Lewis owns, will pay over $50 million in financial penalties. Federal sentencing guidelines call for a prison sentence of between 18 and 24 months, though Lewis can seek less than that. His sentencing hearing is scheduled for March 28.