Joe Lewis avoids jail for insider trading

Was it not a case brought about in the USA, where - apparently- they are sh*t hot in cracking skulls when it comes to insider trading? Massive no, no.

Unless you are a billionaire obvs.........

Where the f*ck is society's reset button ☹️☹️
 
From the FT

Lewis pleaded guilty to fraud charges in January, following an investigation in which he was found to have passed on stock tips to friends, private pilots and a girlfriend. The recipients made more than half a million dollars by trading on the non-public information, to which Lewis had been privy through his seats on various corporate boards, according to prosecutors.

His crimes carried a suggested sentence of up to two years in prison, but probation officers had advised against incarcerating Lewis, in part because of his advanced age.

In their sentencing recommendation to the judge, US prosecutors — who claimed the tips amounted to gifts and in-lieu payments by Lewis — had acknowledged that “unlike many defendants who commit insider trading, [his] conduct was not motivated by personal profit”, as the billionaire did not himself trade on the information in question.

They added that given Lewis’ deteriorating health, the fact that he has “otherwise lived a law-abiding life” and his voluntary surrender to US authorities meant the suggested sentence would be “greater than necessary” in this case.

After handing down the sentence, Judge Jessica Clarke said while Lewis’s “offence was without a doubt a serious one”, he deserved leniency because he “faced these charges head on instead of engaging in what could have been a lengthy extradition fight”. His life “would be at serious risk if he were to be incarcerated”, she added.
 
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sherlock1969 said:
You’d be saying the same thing if it was Tracey from Cleckheaton fiddling on her universal credit would you?
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No, but it's not in the UK and things work differently over there.

I wouldn't be happy at paying for him to get special treatment in jail, which, let's be honest, he would get.
 
**** with you **** with me
They thing we fade away
Tory law nazi law its just the F***ing same
There's a law for the rich
A law for people like you and me
There's a law for the rich
A law for people like you and me
**** the criminal justice bill
Shove it up your ass
Crimes on the increase
They blame the working class
There's a law for the rich
A law for people like you and me
There's a law for the rich
A law for people like you and me
Corruption in the government
Corruption in the crown
No justice in a system
That's there to put you down

 
Muttley said:
Not really. Pleaded guilty, didn't personally profit, faced up (didn't try to delay case) and advanced age. Similarities to potential treatment of your Tracey only exist in your head.
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Well… in a way he did benefit financially because he used the “tips” in lieu of payment for services. So he saved himself up to half a million quid.

But FWIW I agree with not sending him to prison. And I now await the same fate for everyday plebeians who desperately fiddle the social safety net in order to survive. I won’t hold my breathe mind.
 
The guy is a billionaire.
Fine him the cost of his own “special” prison care on top of his fine and then send him to prison as anybody else would have been.
Even for a short sentence.
The humiliation is what would impact him most, not money.
 
sherlock1969 said:
You’d be saying the same thing if it was Tracey from Cleckheaton fiddling on her universal credit would you?
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I think the distinct difference is that he didn't gain personally from it.

As much as I do feel there is often an entirely different set of rules depending upon your wealth (or lack of it), this does seem a sensible and fair sentence.
 
Jonny Ingbar said:
I think the distinct difference is that he didn't gain personally from it.

As much as I do feel there is often an entirely different set of rules depending upon your wealth (or lack of it), this does seem a sensible and fair sentence.
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“he didn't gain personally from it”

I’ve seen a few people say this now, and I’m not sure it’s true. He gave the tips in lieu of payment or as gifts, and so he saved himself money thus personally gaining financially. In addition those “gifts” mean he will also likely have gained favourability in his relationships.
 
boringblock_21 said:
“he didn't gain personally from it”

I’ve seen a few people say this now, and I’m not sure it’s true. He gave the tips in lieu of payment or as gifts, and so he saved himself money thus personally gaining financially. In addition those “gifts” mean he will also likely have gained favourability in his relationships.
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I get that, I meant in the traditional sense of insider trading.

The guy is a billionaire, his personal financial gain was negligible.
 
That’s true. £500k is nothing when you’re a billionaire.

And yet in the UK we constantly see plebs, with significantly less net worth than Lewis, go to prison for fraudulently claiming benefits amounting to under £50k. Doesn’t seem fair to me 🤷🏻‍♂️

Edit: you can even go to prison for fraudulently claiming less than £10k!

Man sentenced for fraudulent benefit claims » East Suffolk Council

East Suffolk
www.eastsuffolk.gov.uk www.eastsuffolk.gov.uk

Banstead woman handed three month prison sentence for £23,000 benefit fraud | Reigate and Banstead

Banstead woman handed three month prison sentence for £23,000 benefit fraud - news item about a Banstead woman prosecuted for benefit fraud totalling over £23,000.
www.reigate-banstead.gov.uk www.reigate-banstead.gov.uk

Table 1: Benefit Fraud – Sentencing

www.sentencingcouncil.org.uk www.sentencingcouncil.org.uk
 
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