Patrick O’Connor, a private pilot for British billionaire Joe Lewis, pleaded guilty to insider trading and conspiracy charges in federal court on Monday morning in Manhattan.
O’Connor pled guilty to one count of conspiracy to commit securities fraud and one count of securities fraud. The 57-year-old admitted to Judge Jessica G.L. Clarke that in October 2019 he agreed with others to purchase stock in a publicly traded company and did so with information from a person with close knowledge of those stocks.
When Clarke asked whether he saw this information as a gift to him, O’Connor said, after conferring with his attorneys, “I believe it could have been a benefit to me.”
As part of his plea agreement, O’Connor agreed to forfeit any earnings off his alleged offenses, including $180,244.04. The charges against O’Connor carry a total maximum of 25 years in prison, and he has agreed as part of his plea deal to not appeal any sentences less than 2 years.
O’Connor’s sentencing is scheduled for May 29.
Prosecutors have long alleged that O’Connor and another pilot, Bryan “Marty” Waugh, were encouraged by Lewis to buy stock on shares of the cancer drug company Mirati Therapeutics.
Waugh also appeared before Clarke on Monday. His attorney, Nicholas Lewin, was adamant of his client’s innocence in court. “Marty Waugh is innocent of insider trading,” Lewin told Clarke.
Waugh’s case will proceed with a jury trial that is set for June 24.
There was no mention of Lewis (pictured above) by name in court on Monday. Lewis, who founded Tottenham Hotspur’s controlling company ENIC Sports Inc, also pleaded guilty in January to securities fraud and insider trading. Lewis’ sentencing is set for April 4, according to court records.
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(Michael M. Santiago/Getty Images)
