British billionaire Joe Lewis is relinquishing his business interests’ control over board seats linked to any Wall Street companies following admissions of securities fraud, but Australian beef giant AACo – which he half-owns – is not captured in the US prosecutors’ deal.

Mr Lewis last week pleaded guilty to insider trading charges that included he had tipped off his personal pilots to a massive loss looming for Brisbane-based AACo, of which his private investment vehicle, Tavistock, owns 52.09 per cent.