Stockbroker conned clients out of £32m in Ponzi scheme

A City stockbroker was warned today that he faced a lengthy prison sentence after admitting a £32  million Ponzi fraud. Nicholas Levene, 48, former deputy chairman of Leyton Orient FC, cheated investors by promising them high returns. Levene, nicknamed “Beano” because of his love of the comic, then kept customers happy by using other investors’ money to show that they were earning healthy yields. Among his victims were brother and sister Brian Souter and Ann Gloag, the co-founders of Stagecoach Group, who lost £10 million. More in the London Evening Standard here.

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