Joe Lewis at a Tottenham vs. Arsenal soccer match in north London in 2011. British billionaire Joe Lewis has surrendered to U.S. authorities in Manhattan and is expected to appear in court later on Wednesday to face insider trading charges, a spokesperson for the U.S. Attorney's office in Manhattan said. Two of Lewis' pilots, Patrick O'Connor and Bryan Waugh, were also charged with insider trading securities fraud. They reaped millions of dollars in illegal profit from Lewis' tips, prosecutors said. After Mirati announced the positive results, its share price increased 16.7% in one day, and both pilots repaid Lewis for his loans.

Source: Forbes July 26, 2023 15:33 UTC