British billionaire Joe Lewis pleads guilty to US insider trading

Lewis, 86, whose family trust controls majority of Tottenham Hotspur, apologises to judge in Manhattan plea-deal hearing

The British billionaire Joe Lewis pleaded guilty on Wednesday to charges he used an insider-trading scheme to enrich friends and associates, and apologized to a judge, saying he was embarrassed" by his conduct.

The 86-year-old, whose family trust controls a majority of Tottenham Hotspur, pleaded guilty to one count of conspiracy to commit securities fraud and two counts of securities fraud, as part of an agreement with the US attorney's office in Manhattan. As part of the plea deal, Lewis has the right to appeal in the event he is sentenced to prison time, his lawyer David Zornow said.