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What to expect (Apr. 8)

• 💰 How this billionaire got busted trying to do a ‘good’ thing.

• Monday’s Monster Pick - Another porphyry story 🌟

• ⛏️ Latest Mining/Exploration News

The billionaire that got busted for trying to ‘give back’

Is it okay to do something illegal if it helps other people?

Billionaire Joe Lewis thinks so.

And his case proves how complicated that question can be.

Joe Lewis, a self-made billionaire from London, had it all.

He transformed his dad's small restaurant business into an empire but really made his wealth betting on the British pound crashing in 1992.

He even bought the English Premier League Tottenham Hotspur soccer club.

This is what makes the details of how Joe Lewis got busted for insider trading so perplexing.

He wasn’t doing the typical scheme, buying or selling his own personal shares based on private information.

He didn’t make his fortune this way - and there wasn’t any indication he was doing this to make himself money.

Joe was helping others by providing stock tips to the ‘less rich‘ people around him, including his pilots, girlfriend and personal assistants.

In 2019, members of Australian Agricultural’s board of directors allegedly told Lewis that the company, a “beef giant” had suffered massive losses due to flooding.

Lewis called two of his personal pilots, and told them to sell their stock in the company immediately. They did.

In 2019, he told his girlfriend to purchase shares of the company Solid Biosciences after hearing about an upcoming trial that hadn’t been disclosed yet.

The girlfriend paid $700,000 to purchase 150,000 shares and sold after the news released for a $849,000 profit.

He told two personal assistants working aboard his superyacht to invest in SPAC company called BCTG acquisition group or $BCTG quoting that the stock will triple or even quadruple.

Turns out it did.

Aftermath and jail time

Joe Lewis won’t go to jail for this.

Last week, a judge ordered a $5 million fine and limits on business activities due to his declining health. He wouldn’t last a day in jail at 87 years old.

These are crazy stories for a man worth over $6B.

The risk versus reward seems absurd for someone with so much to lose.

The craziest part of all is the reason he said he did it.

“Hubris and childish exuberance'“ said his lawyers.

He thought he was something special and wanted people to feel the same way - what an ego.

Was he justified?

It begs the question, is it really that bad to help out your friends?

Lewis's actions, though seemingly generous, undercut the fairness and trust that the stock market relies on.

Legally, the message is crystal clear: the law is the law, and bending it for personal gain or to help your circle doesn't fly.

Also - it was just incredibly stupid.

👋 Colton, Stock Monster.

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