Home Business NewsBusiness City trader who raked £316m in Ponzi fraud must pay back just £1

City trader who raked £316m in Ponzi fraud must pay back just £1

by LLB Editor
26th Mar 13 11:11 am

City trader Nicholas Levene, who duped high-profile businessmen including Stagecoach boss Sir Brian Souter and restauranteur Richard Caring, has been ordered to pay back £1.

The sum is often asked by courts to represent the fact that convicted criminals are bankrupt.

Levene, 48, was jailed for 13 years after admitting that he ran a Ponzi scheme which earned him more than £316m.

The former deputy chairman of Leyton Orient Football Club is known to splash cash on private jets, Bentleys, super yachts, a £150,000-a-year box at Ascot and to host £10,000-a-day pheasant shoots. He also spent £588,000 on his son’s Bar Mitzvah hiring girl band The Saturdays.

In 2008, he reportedly lost £720,000 on a cricket game and £250,000 when Chelsea failed to win the Premiership in 2008–09.

Levene conned investors by telling them he had access to special shares in companies like HSBC and RBS but instead of buying the shares he would simply gamble the money on spread betting.

Justine Davidge, representing the Serious Fraud Office, told the court on Monday: “All [of Levene’s] assets that have been released would go to the trustee of bankruptcy.

“In respect of the realisable amount, we suggest the court make a nominal order of £1 to be paid in seven days.

“It may be in the future, Mr Levene could come into further realisable assets.”

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