Joe Lewis, a British billionaire, has pleaded guilty to insider trading scheme and requested a sentencing reduction to supervised release for three years and a fine of $5 million rather than jail time.

In January, Lewis admitted to using an insider trading scheme to benefit friends and acquaintances and apologized to the court, stating that his actions had left him feeling "embarrassed," as reported by The Guardian.

Lewis Enters Guilty Plea to US Insider Trading

On Thursday night, March 21, Lewis' attorneys argued in a court filing that their client should be sentenced to probation rather than imprisonment due to his age (he is now 87 years old) and his cooperation with prosecutors, according to a Bloomberg report.

The investor who soared from the East End of London to become one of Britain's wealthiest men pleaded to three charges of securities fraud, including conspiracy, in Manhattan federal court. Prosecutors in the United States had accused him of informing his private pilots and girlfriend about confidential company secrets.

Lewis started the investment company Tavistock Group, which has a hand in over 200 different businesses, including high-end lodging, resorts and sports. As a previous owner of the Tottenham Hotspur Premier League soccer club, he and his family have a net worth of $7.2 billion, based on the Bloomberg Billionaires Index.

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Defense Team: Lewis Shouldn't Go to Jail

According to Lewis' attorneys, the prosecution consented in his plea deal not to challenge a sentence that was less than the 18-24 month jail term proposed under federal sentencing guidelines.

His attorneys also argued that Lewis should not go to jail because, as a non-citizen, he would not be able to participate in a prison camp's dormitory program and would instead be transferred to a maximum-security institution housing "a more dangerous inmate population."

The sentencing hearing before US District Judge Jessica Clarke is scheduled for April 4. No official word on a recommended sentence from the government has been given.

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