MercoPress. South Atlantic News Agency

Trump pardons Lewis in insider trading case

The 88-year-old entrepreneur has various businesses in Argentine Patagonia

British billionaire Joe Lewis, who has significant business interests in Argentine Patagonia and other parts of South America, has been granted an official pardon by US President Donald Trump, it was confirmed Thursday. The measure came after Lewis, 88, pleaded guilty last year in New York to insider trading charges. He was subsequently sentenced to pay a US$5 million fine and serve three years of probation.

Prosecutors had accused Lewis of orchestrating a scheme between 2019 and 2021 in which he leaked confidential information about four portfolio companies—including Mirati Therapeutics and BCTG Acquisition (which took Tango Therapeutics public)—to various associates. The recipients of the insider information allegedly included his two private jet pilots, friends, assistants, and 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 said. A source close to the family added that they are “extremely grateful for this pardon and would like to thank President Trump for taking this action.”

The pardon places Lewis on a growing list of wealthy individuals convicted of financial crimes who have received clemency from the Republican leader during his second term. This group includes high-profile figures such as Binance founder Changpeng Zhao and Nikola founder Trevor Milton.

Lewis' businesses in Patagonia include his ownership of over 12,000 hectares surrounding Lago Escondido in the Argentine province of Río Negro, which he purchased in 1996. The property near El Bolsón has been contentious due to its strategic location and the lake’s public status under Argentine law.

The entrepreneur has been accused of blocking public access to Lago Escondido, despite legal rulings affirming that the lake is public property. Activists and local authorities have repeatedly clashed with his security forces over this issue. In 2023, Argentina’s Interior Ministry filed a formal complaint against Lewis and his Hidden Lake S.A. company, seeking to “nullify the land purchase” on grounds that it violated national laws restricting foreign ownership of frontier lands.

Lewis, reportedly the largest private employer in the El Bolsón area, also has invested in luxury real estate, hospitality, and infrastructure projects, such as a private hydroelectric plant that supplies energy to his estate and parts of the local grid. He has maintained close relationships with local and national politicians, which has fueled criticism from sectors that view his influence as disproportionate and opaque. Critics argue that his developments threaten biodiversity and public access, while supporters highlight job creation and infrastructure improvements. While most of the public scrutiny has focused on his Argentine holdings, Lewis has also been involved in energy and real estate ventures elsewhere in Latin America.