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British billionaire Joe Lewis – whose family trust owns Tottenham – has been bailed by a judge in New York after pleading not guilty to charges of giving insider trading tips, according to reports. The 86-year-old, who faces 16 counts of securities fraud and three counts of conspiracy, appeared at an arraignment hearing at Manhattan Federal Court on Wednesday. After entering a not guilty plea Lewis was released on a bail of 300 million US dollars (£230m), reportedly secured by a yacht and private aircraft equivalent to that amount. Lewis, and two of his pilots who are also facing charges, must remain in the United States. Prosecutors say Lewis, who was arrested on Wednesday morning, is alleged to have used his access to confidential information to provide stock tips to individuals close to him, with the indictment referring to one girlfriend having made 849,000 US dollars (£657,000) on one of those tip-offs. Lewis’ legal counsel David Zornow, from the Skadden, Arps, Slate, Meagher & Flom firm, said: “The government has made an egregious error in judgment in charging Mr Lewis, an 86-year-old man of impeccable integrity and prodigious accomplishment. “Mr Lewis has come to the US voluntarily to answer these ill-conceived charges, and we will defend him vigorously in court.” Each of the first 13 counts of securities fraud carries a maximum sentence of 20 years in prison, Manhattan prosecutors said in a statement issued on Wednesday. The US Attorney for the Southern District of New York, Damian Williams, announced on Tuesday that Lewis had been indicted over a “brazen insider trading scheme”. Prosecutors said Lewis, by virtue of his investments in certain companies, received material and non-public information about these companies. A release from prosecutors on Wednesday alleged Lewis had “misused and misappropriated this confidential information to provide stock tips to various individuals in his life, including his employees, romantic partners, and friends, as a way to provide them with compensation and gifts”. It added: “These individuals, in turn, traded on the tips provided by Lewis for vast personal gain.” Lewis bought a controlling stake in Spurs in 2001 for £22million. He officially ceded control of the club last year, with Bahamian lawyer Bryan A Glinton replacing him as a director according to Companies House. His stake in the club – which he held through the ENIC Group alongside Daniel Levy – was formally handed to a family trust last year. Family members of Lewis remain beneficiaries of the trust. PA understands the Premier League does not consider Lewis as a person with control at Tottenham, and is therefore not subject to its owners’ and directors’ test. A Tottenham spokesperson said: “This is a legal matter unconnected with the club and as such we have no comment.” US prosecutors said Lewis is also alleged to have falsely disclosed the extent of his ownership shares in a pharmaceutical company, Mirati, “through an elaborate array of shell companies and other entities, including an offshore trust purportedly for the benefit of his granddaughter”. As a result of this alleged false disclosure, prosecutors said he was able to exercise warrants in Mirati that he would otherwise not have been able to exercise, “at vast financial gain”. Also charged were Patrick O’Connor and Bryan Waugh, two pilots employed by Lewis to fly his private aircraft. In one instance, it is alleged Lewis loaned each of them 500,000 US dollars (more than £387,000) to buy shares in a company before it publicly announced favourable information about some clinical results. This type of behaviour - blatant disregard for the law - is not only illegal but undermines the integrity of our financial markets. Christie M Curtis, FBI Federal Bureau of Investigation (FBI) acting assistant director in charge Christie M Curtis said: “As alleged, Mr Lewis treated material, non-public information at his disposal as though it was something he could give his friends and associates for their benefit. “This type of behaviour – blatant disregard for the law – is not only illegal but undermines the integrity of our financial markets. “The FBI is determined to ensure that anyone willing to perpetrate insider trading schemes is held accountable in the United States criminal justice system.” Read More Charity boss speaks out over ‘traumatic’ encounter with royal aide Ukraine war’s heaviest fight rages in east - follow live Kylian Mbappe reportedly turns down chance to discuss move to Al Hilal Sussex head coach Paul Farbrace says Jofra Archer is ‘on course’ for World Cup Tom Latham and Will Jacks both make 99 as Surrey build lead over Somerset

The Carolina Hurricanes have signed top center Sebastian Aho to an eight-year contract extension worth $78 million

A day after signing an $11 million, one-year contract, Saquon Barkley was on the field as the New York Giants opened training camp

Kylian Mbappe and his representatives refused to meet with Al Hilal officials in Paris on Wednesday to discuss a possible world-record transfer to Saudi Arabia, it has been reported. Mbappe’s club Paris St Germain are understood to have given the Saudi Pro League side permission to speak with the France striker over personal terms after receiving a £259million bid for the player in writing. An Al Hilal delegation was reported to have been hoping to sell their project to Mbappe in Paris while finalising the signing of Brazil striker Malcom from Zenit St Petersburg. But, according to French sports newspaper L’Equipe, Mbappe and his team have refused to enter into any discussions with the Saudi club and he has never considered the option. Mbappe’s PSG future has been in serious doubt since it emerged in June that he would not extend his existing deal through to 2025, meaning he would become a free agent next summer and be able to discuss a pre-contract agreement with another club as early as January. PSG have not confirmed the reports that Mbappe has snubbed Al Hilal’s approach, but are understood to be convinced that Mbappe has already agreed a free transfer to Real Madrid next summer. Parisian sources have said the 24-year-old would benefit from a 160m euro (£138m) signing-on fee if he wound down his existing contract and moved to the Spanish capital in 2024.

Aaron Rodgers and the New York Jets are a week into training camp and the offense has had some up-and-down moments

Florida Atlantic's Tom Herman is opening the summer of his return to college coaching by visiting his Texas roots

Houston Texans receiver John Metchie III returned to practice on the first day of training camp after missing his entire rookie season following a leukemia diagnosis

Bronny James had a cardiac screening several months ago as part of a program for prospective NBA players, according to a source familiar with the matter.

Jalen Hurts is still trying to find ways to get better after a breakout season in which he nearly led the Philadelphia Eagles to a Super Bowl victory that earned him a record-setting contract

The Chicago Bears and tight end Cole Kmet have agreed to a multi-year, $50 million contract extension, a reward for a homegrown player coming off his best season

CJ Abrams’ two-run single capped a four-run ninth inning and the Washington Nationals rallied to beat the Colorado Rockies 5-4

The Patriots had several issues on offense last season