UK stockbroker Nicholas Levene admits to £32 million in fraud
Among his victims is Israeli investor Yigal Ahouvi, who lost £14.9 million in 2007
Prominent and flamboyant UK stockbroker Nicholas Levene admitted his guilt in several multimillion dollar fraud cases in a London court on Monday.
The financier, who had ties to Israeli sports clubs and investors, admitted to defrauding over a dozen investors of over £32 million (about NIS 204 million). Among his high-profile victims was Israeli businessman Yigal Ahouvi, who lost £14.9 million in 2007.
Levene, who went by the nickname “Beano,” was well known for his lifestyle of private jets, outrageous parties — including a lavish bar mitzva for his son — and million-dollar gambling on cricket matches. He allegedly funded his activities via a Bernie Madoff-like Ponzi scheme.
He’ll likely face a substantial jail term for the fraud, the presiding judge in the case told him, despite the guilty plea.
The Times of Israel Community.