Joe Lewis spared prison time after pleading guilty in US to insider trading

Joe Lewis arrives at Manhattan Federal court for his sentencing (Jeenah Moon/AP)

British billionaire Joe Lewis, whose family trust owns the Tottenham Hotspur football club, will not spend any time in prison after he pleaded guilty to insider trading and conspiracy charges in New York, a US federal judge said.

Judge G.L. Clarke cited his decision to promptly come to the United States to face charges and his failing health, along with a lifetime of good works, in ruling that he will face three years on probation and a five million US dollar fine rather than time behind bars.