Fraudster gets 13 years for false accounting | AccountingWEB

Fraudster gets 13 years for false accounting

City financier Nicholas Levene has been jailed for 13 years after he cheated investors out of £32m. 

The former broker ran a 'Ponzi' fraud scheme, where he took investors money and instead of using it correctly, funded his own lavish lifestyle, buying yachts, cars and property.

He pleaded guilty at Southwark Crown Court to 12 counts of false accounting, one of fraud and one of obtaining a money transfer by deception.


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davidwinch's picture

13 years    1 thanks

davidwinch | | Permalink

One of the interesting things about this case is the length of the sentence.  The maximum sentence  for frauds such as this is 10 years, so the 13 years appears to include some consecutive (rather than concurrent) sentences.

I doubt there is any money left, but I see confiscation proceedings are scheduled!


astonishes me that anyone invests anything with such characters    3 thanks

androo235 | | Permalink

being such an egregious and blatant example of the genre......

There are cleverer and more cunning types out there. Perhaps the sort who were running the banks a couple of years ago, some still are.... Compared to the mess they made this guy is small fry and probably only picked on the rich and dumb (who could afford the lawyers, or had the connections, to get him "done" once they realised their predicament and started bleating) rather than the merely ordinary who had little choice but to use the banks and participate in the global ponzi for which few have been punished as yet and for which few likely ever will be....

Ponzi    1 thanks

JILL JONES | | Permalink

At last a judge whoe knows what he is doing

STOP DIGGING AND DO THE TIME, you will feel better!

philfromleeds | | Permalink

I am glad he got cought. But of course he would get cought eventually. The hole he was digging for himself just got bigger and bigger. I feel a solution is that we must recognise that at this moment of time there are others defrauding investors and other inocent people. We must place adverts in the press and on TV saying to these people that the sooner they stop digging the better they will really feel.

And by the way, Do bookmakers have to obey the Money Laundering Regulations and should we have expected Bookmakers to wake up to realty and ask themselves where is this character getting his money from?


Still only 13 years for 32m    1 thanks

rayhelmke | | Permalink

thats a salary of just over 2 million a year

Obama and Americas Health Care

philfromleeds | | Permalink

When President Obama was struggling to get his health care reforms through I could not understand the Americans on the Right of the political spectrum thought our NHS was evil.

I think their prison system is evil.  That 1 per cent of their population is always in Prison is evil.

There is a crude relationship between the Prison Service and the Health Service. Spend less on Prison and more on Health or the other way around.

In Amerca N Levene would heve been sent to prison for 25 years to Life. Here he will be out in 6 and a half years. As long as every penny he has got has been taken away from him thats ok.

I would also like his future earnings to also be levied upon.


Sharon Webb | | Permalink

What I find amazing is that the people who invested with this guy obviously had millions of pounds to "play" with.  Why be greeding and want to keep making more and more on top of what they already had.


Serves them right if they are dumb enough to hand large amount  of cash over.

davidwinch's picture

A few thoughts

davidwinch | | Permalink

Sadly there are people who fall victim to fraudsters - and then go on to fall victim again to other fraudsters.  It seems that some people cannot bring themselves to say "No" to an offer which is, quite literally, too good to be true.  So no amount of public warnings will prevent people from being 'taken' by fraudsters.

Bookmakers are not covered by the Money Laundering Regulations, although casinos are.

If, as seems likely, the court holds that Mr Levene has benefited very substantially from criminal conduct and makes an appropriate order under Part 2, PoCA 2002 then that will in effect be a financial 'life sentence' enabling the courts to take further financial proceedings against him in future (without time limit) until he has repaid the amount of his 'benefit'.


Laughing stock

Vinoo | | Permalink

Levene has made a laughing stock of his clients.It may well be the case that those who invested in his scheme may have had "unaccounted" money



future earnings sequestered.....

androo235 | | Permalink

Likely scenarios,

He ends up a mini-cab driver living alone in a high rise flat or worse a wino and homeless. Either way  feeling trapped by his new circumstances (I bet he knows how much his wife [partner, lets be modern] loves him now......).

Or, he ignores the sequestrations. He can create another identity for himself and carry on, as a reformed character albeit under a new identity, or as a fraudster as before. He might also move abroad (would probably have to leave the EU, I would hope, though maybe not even that is necessary) and carry on there, honestly or not.

Least likely scenario, it seems to me, is that he will devote his life to recompensing those from whom he has stolen (if they were types who had "unaccounted money" he may be glad to be in custody....). I suppose he just might have a religious epiphany while incarcerated and reform completely, maybe he can even convince some of his tougher minded investors (those with unaccounted money) that he's found god (or whatever) and reformed and so feeling touched by this turn of events they leave him alone. This option even has media possibilities. Start a new church, now there's legal confidence trickery, forgiveness and respectability all in one package.

Be interesting to see how it turns out. Could someone update me in, say, 12 years time.