US President Donald Trump has officially pardoned British billionaire Joe Lewis, who faced legal challenges in connection with insider trading charges. The announcement was confirmed on Thursday, marking a significant turn in Lewis’s legal battles following his guilty plea in New York last year.
Lewis, aged 88, was previously sentenced to pay a fine of $5 million and serve three years of probation after admitting to leaking confidential information about four portfolio companies. These companies included Mirati Therapeutics and BCTG Acquisition, the latter of which was pivotal in taking Tango Therapeutics public. Prosecutors accused Lewis of orchestrating a scheme from 2019 to 2021, wherein he allegedly shared insider information with various associates, including his private jet pilots, friends, and even romantic partners.
“I am pleased all of this is now behind me, and I can enjoy retirement and watch as my family and extended family continue to build our businesses based on the quality and pursuit of excellence that has become our trademark,” Lewis stated following the pardon. A close family source expressed gratitude toward Trump, highlighting the family’s appreciation for the clemency granted.
This pardon adds to a growing list of wealthy individuals who have received clemency from Trump during his second term. Notable figures among them include Changpeng Zhao, founder of Binance, and Trevor Milton, founder of Nikola.
Controversies Surrounding Lewis’s Business Interests
Lewis has extensive business interests in Argentine Patagonia, particularly his ownership of over 12,000 hectares surrounding Lago Escondido in the province of Río Negro. Acquired in 1996, the property has ignited controversy due to its strategic location and the lake’s public status under Argentine law. Critics have accused Lewis of obstructing public access to Lago Escondido, despite legal affirmations that the lake is indeed public property.
Tensions escalated in 2023 when Argentina’s Interior Ministry filed a formal complaint against Lewis and his company, Hidden Lake S.A.. The complaint aimed to nullify the land purchase on the grounds that it violated national laws concerning foreign ownership of frontier lands.
Lewis is viewed as a significant employer in the El Bolsón region, where his ventures extend beyond land ownership to include investments in luxury real estate, hospitality, and infrastructure. Notably, he has developed a private hydroelectric plant that supplies energy to both his estate and parts of the local grid. His close ties with local and national politicians have sparked criticism, with detractors arguing that his influence is disproportionate and opaque.
Supporters of Lewis contend that his developments have fostered job creation and improved local infrastructure. Yet, the ongoing debate raises questions about the environmental impact of his projects, particularly concerning biodiversity and public access to natural resources.
While his Argentine operations have drawn considerable scrutiny, Lewis also has a history of involvement in energy and real estate projects across other regions in Latin America. His recent pardon may further complicate the public perception of his business dealings and political connections.
