British billionaire Joe Lewis pleads not guilty to insider trading in NYC court appearance

Fox News Flash top headlines are here. Check out what's clicking on Foxnews.com.

The British billionaire Joe Lewis pleaded not guilty on Wednesday to orchestrating what prosecutors called a "brazen" insider trading scheme by passing tips about companies in which he invested to friends, private pilots and a former girlfriend.

Lewis, 86, whose family trust controls a majority of the Tottenham Hotspur soccer team, entered his plea before U.S. Magistrate Judge Valerie Figueredo in Manhattan federal court.

Prosecutor Nicolas Roos says Lewis would be released on $300 million bond secured by his yacht, named the Aviva, and private aircraft.

JOE LEWIS, PREMIER LEAGUE TEAM OWNER, CHARGED WITH INSIDER TRADING

Two of Lewis' pilots, Patrick O'Connor and Bryan Waugh, also pleaded not guilty to related insider trading charges, after being accused of making millions of dollars in illegal profit from Lewis' tips. Their bail was set at $250,000 each.

Lewis founded the investment firm Tavistock Group, and is worth $6.1 billion according to Forbes magazine. He wore a gray suit to his arraignment, and was not handcuffed.

David Zornow, his lawyer, said in a statement that prosecutors made an "egregious error" in bringing charges, and said his client had traveled to the United States voluntarily to defend himself against the charges.

Lawyers for O'Connor, 66, and Waugh, 64, declined to comment after the hearing.

A spokesperson for Tottenham said in a statement: "This is a legal matter unconnected with the club and as such we have no comment."

Prosecutors said that in 2019 Lewis lent each pilot $500,000 and encouraged them to buy stock in oncology company Mirati Therapeutics before it released favorable clinical results.

O'Connor texted a