Joe Lewis: UK Tycoon Bailed In US Fraud Case But Can't Use Superyacht

A New York City court has imposed sweeping restrictions on British billionaire Joe Lewis as he awaits trial on insider trading charges.

Mr Lewis, 86, pleaded not guilty and was granted $300m (£230m) bail.

But the Manhattan judge required him to surrender his passport and banned him from using his superyacht.

Mr Lewis is not allowed to travel abroad, including to the Bahamas oceanside resort he reportedly co-owns with Tiger Woods and Justin Timberlake.

The tycoon, whose family trust owns Tottenham Hotspur football club, can still use his private plane - for business - within the boundaries of restricted domestic travel.

During Wednesday's hearing before Judge Valerie Figueredo, the bail bond was secured by Mr Lewis' 223ft (68 metre) yacht, the Aviva, and private aircraft.

Mr Lewis was charged with 16 counts of security fraud, and three counts of conspiracy for crimes alleged to have taken place between 2013-21, according to the 29-page indictment.

Lawyers for Mr Lewis, whose net worth is estimated more than $6.4bn, called the charges an "egregious error".

The allegations are "ill conceived" and will be "vigorously defended in court," Mr Lewis' lawyers said.

New York prosecutors allege he hatched a "brazen" scheme that enriched his friends, which include two of Mr Lewis' pilots, who are facing charges, too.

The pilots, Patrick O'Connor and Bryan Waugh, also pleaded not guilty to insider trading charges.

Mr O'Connor and Mr Waugh, of New York and Virginia respectively, are accused of illegally making millions of dollars from Mr Lewis' tips.

Their bail was set at $250,000 each.