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City trader who owes clients millions goes on the run
Ross Lydall14 Oct 2009
A financier who has failed to return millions in investments he made on behalf of prominent business figures has disappeared.
Nicholas Levene, the vice-chairman of Leyton Orient football club, has had his assets frozen by the High Court after claims that he failed to return profits in excess of £70 million.
Levene, 45, known to friends as Beano, is a derivatives trader who is described as “charming” and “a man who lived the dream”.
He failed to appear at court hearings, resulting in a legal order preventing him from selling his shareholdings or house in Arkley, Hertfordshire, and requiring disclosure of the funds he holds in northern Cyprus. He has also been ordered to surrender his passport.
Those who made claims against Levene include Richard Caring, owner of The Ivy and Le Caprice restaurants, and Stagecoach bus company founders Brian Souter and his sister Ann Gloag, whom he is believed to owe £18 million. High Court papers also detail a £38 million claim from Essex businessmen Victor Lupson and John Bennett.
Levene is said to have claimed to be able to buy into share deals not normally accessible to investors. Ms Gloag and Mr Souter each invested £5 million and instructed him to buy shares in HSBC bank and mining giant Xstrata.
They told Levene to sell at a price that should have given them each a £3.8 million profit. Levene has denied any wrongdoing and claimed he paid the Stagecoach founders in full.
Levene is also being pursued by two spread betting firms for unpaid gambling debts, including £720,000 he lost on a Twenty20 cricket match in 2007.
Reader views (7)
Why did Souter & Gloag decide to buy shares in HSBC and Xstrata via Levene? The shares are traded openly on stock exchanges around the world after all.
For one reason and for one reason alone: to avoid the dealing charges (petty cash for them really)a normal broker would charge to buy shares.
Schadenfreude isn't a nice emotion, but I know its meaning in this instance
- Richard James, London, England, 14/10/2009 22:27
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"Levene is said to have claimed to be able to buy into share deals not normally accessible to investors."
It is similar to Madoff, offering access to an exclusive club, sounds too good to be true. Err that will be because it is.
- James, London, Maida Vale, 14/10/2009 17:45
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Polly Peck went Cyprus way; thought the law had it organised.........
Or was it Cretan: Cretanology Abounds.
Thanks John Brown for your "socialist agenda". I read the UK is No 1 Finance; yet its 30th or so for debt, balance of payments, etc. Why; Cretanology allowed.
- Bob Cratchit, Lunnon, 14/10/2009 17:13
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I have personally met Nick, and he came across a nice guy, but like so many before him, the greed took over. He had plenty of his own money but he had to prey on innocent victims to pay for his over the top lifestyle
- Anthony Lerner, london, 14/10/2009 17:04
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Ho only robbed the rich. Doesn't count.
- Neil, London, London UK, 14/10/2009 16:19
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People who have millions already, trying to make more. It's not as if they needed it. I feel no sorrow for these greedy people.
- Miles, London, England, 14/10/2009 16:05
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Look in Brazil, he might be there.
If not, look in care homes in Barnet?
- Mickinlondon, london, 14/10/2009 15:27
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