List of All Articles with Tag 'crime'

(Reuters) -The Monetary Authority of Singapore (MAS) plans to conduct an on-site inspection of a local unit of Credit Suisse

By Chris Prentice and Andrew Goudsward (Reuters) -The U.S. Justice Department will not target companies that disclose wrongdoing they find

Target's decision to close nine of its stores in major cities, citing persistent large-scale theft at those locations is the latest signal that retailers may be struggling in their battle to contain a growing and dangerous problem.

Target said on Tuesday it would close nine stores across four U.S. states, including California, citing that theft

Organized crime rings in New York, San Francisco, Los Angeles and Houston are targeting retail inventories, causing more

By Nate Raymond BOSTON A former correctional counselor at a federal prison in Massachusetts pleaded guilty on Wednesday

By Jonathan Stempel NEW YORK A federal appeals court on Wednesday refused to overturn Michael Avenatti's conviction for

SINGAPORE Singapore police have arrested 10 foreigners for alleged money laundering and forgery offences, in a case involving

Joe Lewis, the British billionaire and long-time majority stakeholder in Tottenham Hotspur, pleaded not guilty in New York on Wednesday to charges of insider trading. The previous day, federal officials said the investor “abused his access to corporate boardrooms” and carried out a series of “brazen” instances of financial misconduct, sharing insider information with friends, employees, and former romantic partners. He’s charged with 16 counts of securities fraud and three counts of conspiracy, Reuters reports. “That’s classic corporate corruption,” US attorney Damian Williams said in a video statement on Tuesday. “It’s cheating, and it’s against the law.” Attorneys for the billionaire said he plans to fight the charges. “The government has made an egregious error in judgment in charging Mr Lewis, an 86-year-old man of impeccable integrity and prodigious accomplishment,” David M Zornow said in an email statement to The Independent on Tuesday. “Mr Lewis has come to the US voluntarily to answer these ill-conceived charges, and we will defend him vigorously in court.” In a hearing on Wednesday before US magistrate Judge Valerie Figueredo in Manhattan following Mr Lewis’s early-morning arrest by the FBI, new details about the case against the businessman came to light. As part of a $300m bond, Mr Lewis was ordered to surrender his mega-yacht, the Aviva, as well as his private aircraft. He will now be barred from international travel as the case proceeds. Officials also accused two of his pilots, Patrick O’Connor of New York and Bryan Waugh of Virginia, of profiting off illegal tips from Mr Lewis. Both men have pleaded not guilty, and their lawyers declined requests to comment from Reuters. Prosecutors allege Mr Lewis lent the men $500,000 each in 2019, encouraging them to buy stock in an oncology company in which the billionaire had invested. Mr O’Connor allegedly texted a friend “the Boss has inside info”, a seeming reference to a tip that the billionaire allegedly passed on that the company was about to announce promising clinical results. After the company announced the news, the shares the pilots allegedly bought leapt by 16.7 per cent, and prosecutors allege one of the men labeled a payment to Mr Lewis “loan payback” and listed the company’s stock symbol. In an accompanying civil case, the Securities and Exchange Commission accused Mr Lewis, the pilots, and the billionaire’s former girlfriend Carolyn Carter of insider trading. Officials allege that in 2019, Mr Lewis told Ms Carter about a biotech company that was about to raise capital and potentially increase its share price, even though he was bound by a confidentiality agreement. She then allegedly bought $701,000 in the company, earning a $172,000 on her investment. The Independent has contacted Ms Carter for comment. “When insiders like Lewis take advantage of their access to such information, it erodes public trust and confidence in the fair and efficient operation of our markets,” SEC enforcement director Gurbir Grewal said in a statement. “That’s why we will continue to use all the tools at our disposal to hold accountable those who abuse their positions for personal benefit and the unlawful enrichment of others.” Tottenham Hotspur told The Independent, “This is a legal matter unconnected with the club and as such we have no comment.” Mr Lewis ceased to be a "person with significant control" of the Premier League club last year, following a "reorganisation of the Lewis Family Trusts,” the club said, according to Sky News. He bought a controlling stake in the Premier League club from Lord Alan Sugar in 2001 for £22m. Mr Lewis owns the Tavistock Group, which owns more than 200 assets across 13 countries, including Tottenham Hotspur and UK pub operator Mitchells & Butlers, according to Sky News. The 86-year-old is worth an estimated $6.1bn and lives in the Bahamas, according to Forbes. Read More Who is Joe Lewis? The secretive billionaire Tottenham owner charged with insider trading UK billionaire Joe Lewis, owner of Tottenham soccer team, charged with insider trading in US Football rumours: Tottenham owner tells chairman to sell Harry Kane

By Luc Cohen and Jonathan Stempel NEW YORK (Reuters) -British billionaire Joe Lewis has surrendered to U.S. authorities in Manhattan

By Jonathan Stempel and Luc Cohen NEW YORK (Reuters) -Joe Lewis, the British billionaire and owner of the Tottenham Hotspur

Joe Lewis, the UK billionaire and owner of the Tottenham Hotspur football club, has been indicted in the US for what officials called a “brazen” set of insider trading schemes. “He used inside information as a way to compensate his employees or shower gifts on his friends and lovers,” US Attorney Damian Williams said in a video statement on Tuesday. “That’s classic corporate corruption,” he added. “It’s cheating, and it’s against the law.” The Independent has contacted Tottenham for comment, as well as Tavistock Group, the investment office founded by Mr Lewis. This is a breaking news story and will be updated with new information.