UK Broker Sentenced To 13 Years For Ponzi Scheme

Law360, New York (November 5, 2012, 6:38 PM EST) -- A former British stockbroker on Monday was hit with a 13-year prison sentence in a London court after admitting to defrauding investors in a Ponzi scheme that racked up more than £32 million ($51.1 million) in estimated losses.

Nicholas David Andrew Levene, 48, of the London borough of Barnet, was sentenced in Southwark Crown Court after pleading guilty in September to 12 counts of fraud, one count of false accounting and another count of obtaining a money transfer by deception, according to the SFO. The sentence...
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