British billionaire Joe Lewis pleads guilty to insider trading, securities fraud

• British billionaire Joseph Lewis pleaded guilty in New York federal court to securities fraud related to insider trading.
• Lewis' company, Broad Bay Ltd., also pleaded guilty in the same proceeding to participating in a scheme to hide his ownership of shares of a pharmaceutical company by making false filings and misleading financial statements.
• Broad Bay will pay $50 million in penalties as part of its plea.
• Lewis is the principal owner of the private investment organization Tavistock Group, and through a family trust controls a majority ownership stake in the English Premier League soccer team Tottenham Hotspur.

British billionaire Joseph Lewis pleaded guilty Wednesday in New York federal court to securities fraud related to insider trading.

Lewis' company, Broad Bay Ltd., also pleaded guilty in the same proceeding to participating in a scheme to hide his ownership of shares of a pharmaceutical company by making false filings and misleading financial statements.

Broad Bay will pay $50 million in penalties as part of its plea.

"Lewis abused inside information he gained through his access to corporate boardrooms to tip off his friends, employees, and romantic interests," said Manhattan U.S. Attorney Damian Williams, whose office prosecuted the case.

"Now, he will pay the price with a federal conviction, the prospect of time in prison, and the largest financial penalty for insider trading in a decade."

Read more CNBC politics coverage

• Bipartisan tax bill clears key congressional hurdle, teeing up potential House vote
• Houthis hail 'direct confrontation' with U.S., Biden says airstrikes not working
• Israel to face Gaza genocide charges at World Court

• Bipartisan tax bill clears key congressional hurdle, teeing up