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City financier Nicholas Levene jailed for fraud Nicholas Levene, City financier, jailed for fraud
(35 minutes later)
A city financier who conned investors out of millions to fund his extravagant lifestyle has been jailed for 13 years. A City financier who admitted conning investors out of tens of millions of pounds to fund his extravagant lifestyle has been jailed for 13 years.
Nicholas Levene, 48, from north London, took investors' money to buy shares on their behalf but spent it on luxury cars and yachts, the court heard. Nicholas Levene, 48, took investors' money to buy shares on their behalf but spent it on luxury cars and yachts, Southwark Crown Court heard.
The judge at Southwark Crown Court said the scale of the fraud was unprecedented. His high-profile victims included the founders of Stagecoach, Sir Brian Souter and his sister Ann Gloag.
Levene, who is the former deputy chairman of Leyton Orient FC, admitted 12 counts of fraud. The judge said the scale of Levene's fraud was unprecedented.
The court heard how he orchestrated the scam between 2005 and 2009. Levene, from Barnet in north London, admitted 12 counts of fraud, one count of false accounting and one of obtaining a money transfer by deception.
Among his high-profile victims were Sir Brian Souter and his sister Ann Gloag, the founders of the Stagecoach bus and rail group; Richard Caring, owner of The Ivy and Le Caprice restaurants in London's West End; and Russell Bartlett, director of the R3 Investment Group and former owner of Hull City Football Club. Gambling addiction
The court how Levene, a former deputy chairman of Leyton Orient FC, orchestrated the scam between 2005 and 2009.
Other high-profile victims were Richard Caring, the owner of The Ivy and Le Caprice restaurants in London's West End; and Russell Bartlett, director of the R3 Investment Group and former owner of Hull City Football Club.
Levene, nicknamed Beano because of his childhood love of the comic, was a successful City worker with an estimated wealth of between £15m and £20m in 2005.
But he was addicted to gambling, spending fortunes on spread betting, and had an insatiable taste for luxury.
The amount attributed to Levene's false accounting was £32,352,270 but after taking into account his customers' lost profits, the amount rose to £101,685,406.
Serious Fraud Office investigators discovered that while operating the scam, Levene paid out £310m from his accounts.
'Trust abused'
Some of the money was given to investors to keep them temporarily happy but he also spent huge amounts on schools for his children, cars, luxury holidays for his family, as well as yachts and properties, including a home in Israel.
He also spent £588,000 on a family celebration.
Condemning Levene's "rank dishonesty", Judge Martin Beddoe said: "You were responsible for a fraud on a massive scale with a huge panoply of aggravating features, well planned and professionally executed, involving huge sums and huge profits with multiple victims whose trust in you was grossly abused.
"It was committed over a long period, was well concealed and you took further steps to conceal it and further steps to hide profits from it.
"The outstanding losses of £100m speak for themselves."