SFO launches investigation into adviser who gambled clients' £70m away

SFO launches investigation into adviser who gambled clients' £70m away


In the latest twist to the story involving the missing City adviser, Nick Levene – who has been declared bankrupt and hit with allegations of losing millions of pounds of his wealthy clients’ money – it has been reported that the Serious Fraud Office is currently undergoing an investigation into his activities. The anti-fraud unit is thought to have already interviewed him earlier this month.

According to the SFO, a 45 year-old man attended the interview and was released without charge pending further inquiries.


The newspaper, The Mail on Sunday, managed to locate the missing City playboy and secure an interview with him, in which he revealed that he had not been in hiding and had instead been receiving ongoing treatment for a gambling addiction.


This latest revelation could shed light on where his clients’ money has disappeared to, as the financier told the paper: “I have lost millions of pounds because of my addiction to spread betting – it is in the region of £50 million to £70 million.”


Mr Levene, who was once described as a director, adviser and shareholder of a string of firms, became a trusted adviser to the wealthy, after developing a reputation for being a “smooth operator” with excellent contacts.


Various clients claim they entrusted him with millions of pounds, with some saying they have lost over £30 million. An investigator said that although Mr Levene wasn’t another Madoff, he had seemingly “taken money off people and invested it in far riskier things than they thought it would be.”  


His advisory business began to unravel last year when his clients started asking for returns on their investments as the economic downturn worsened.


Despite claiming that much of what has been written about him is not true, the adviser has so far failed to acknowledge the numerous lawsuits against him, but has said: “I am trying to get myself in order and I’m facing up to my responsibilities.”

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