£32 million fraudster ordered to pay £1 fee

A former stockbroker who was convicted of defrauding investors of millions of pounds has been ordered to pay £1 after being declared bankrupt, reports the Independent.

Nicholas Levene was jailed for 13 years last year after pleading guilty to 12 counts of fraud, one count of false accounting and one count of obtaining a money transfer by deception.

Levene told investors he had bought shares on their behalf when instead funds were diverted to his own personal, business or gambling accounts. To maintain the fraud investors were often provided with false "profits" - in fact, other people's money. This deceived investors into believing that he was a successful trader

An investigation by the Serious Fraud Office found that monies obtained from investors were used by Levene to finance a lavish lifestyle. Over £18 million was used to buy property in the UK and Israel, or spent on overseas travel, holidays and lifestyle expenses.

The fraud collapsed in 2009 following civil court action by a number of investors to recover their monies. Levene was subsequently made the subject of a bankruptcy order - and his trustee in bankruptcy continues to investigate his financial affairs.

According to the Independent, Judge Martin Beddoe attributed the sum of £32,357,027 to Levene's false accounting in a hearling at Southwark Crown Court this week. However, as there did not appear to be any money available, he ordered Mr Levene to pay the nominal sum of £1 within 7 days.