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Joe Lewis, the British billionaire whose family owns Tottenham Hotspur football club, will avoid being sent to prison for insider trading, after a federal judge in Manhattan agreed on Thursday to sentence the 87-year-old to a $5mn fine and three years of probation.

Lewis pleaded guilty to fraud charges in January, following an investigation in which he was found to have passed on stock tips to friends, private pilots and a girlfriend.

The recipients made more than $500,000 by trading on the non-public information, to which Lewis had been privy through his seats on various corporate boards, according to prosecutors.

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