Joe Lewis: UK tycoon bailed in US fraud case but can't use superyacht

A New York City tribunal has imposed sweeping restrictions connected British billionaire Joe Lewis arsenic helium awaits proceedings connected insider trading charges.

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

But the Manhattan justice required him to surrender his passport and banned him from utilizing his superyacht.

Mr Lewis is not allowed to question abroad, including to the Bahamas oceanside edifice helium reportedly co-owns with Tiger Woods and Justin Timberlake.

The tycoon, whose household spot owns Tottenham Hotspur shot club, tin inactive usage his backstage level - for concern - wrong the boundaries of restricted home travel.

During Wednesday's proceeding earlier Judge Valerie Figueredo, the bail enslaved was secured by Mr Lewis' 223ft (68 metre) yacht, the Aviva, and backstage aircraft.

Mr Lewis was charged with 16 counts of information fraud, and 3 counts of conspiracy for crimes alleged to person taken spot betwixt 2013-21, according to the 29-page indictment.

Lawyers for Mr Lewis, whose nett worthy is estimated much than $6.4bn, called the charges an "egregious error".

New York prosecutors allege helium hatched a "brazen" strategy that enriched his friends, which see 2 of Mr Lewis' pilots, who are facing charges, too.

The pilots, Patrick O'Connor and Bryan Waugh, besides pleaded not blameworthy 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 acceptable astatine $250,000 each.