BREAKING NEWS

UK stockbroker jailed for 13 years for 'ponzi' fraud

By REUTERS

NOVEMBER 5, 2012 20:51

LONDON - A former British stockbroker who swindled investors out of 32 million pounds ($51 million) in a "ponzi" scheme was jailed for 13 years on Monday.

"It was a fraud from the outset, where countless lies were told. It was rank dishonesty," judge Martin Beddoe said in passing one of the longest sentences obtained by Britain's Serious Fraud Office, which brought the case.

Nicholas Levene, who pleaded guilty to charges of fraud, false accounting and obtaining a money transfer by deception, funded a "lavish lifestyle" that included expensive holidays and property in the UK and Israel.

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