Allon Lifshitz Quoted in Bloomberg Article

Partner Allon Lifshitz was recently quoted in an article in Bloomberg, "Joe Lewis’ $7.6 Billion Empire Weathers His Biggest Test" (Feb. 7, 2024).

Despite pleading guilty to insider trading, British billionaire Joe Lewis has retained the vast majority of his $7.6 billion empire. While the plea deal forces him to resign from U.S. public company boards, divest from Boxer Capital, and limit interactions with certain employees, Lewis maintains significant holdings in private ventures and international assets—from Bahamas real estate to Florida golf courses and Tottenham Hotspur F.C.. His plea also included a $50 million fine and constraints on board governance that could reshape his U.S. investment activity.

Allon, a former federal prosecutor, highlights the strategic deterrent effect of non-financial penalties. He notes that while a billionaire might not be deterred by a monetary fine alone, restrictions barring Lewis from board participation and related governance activities could meaningfully impact future conduct—both for Lewis and similarly situated high-net-worth individuals. These structural limits, he suggests, are a more effective deterrent than financial penalties alone.