From thejc: City stockbroker Nicholas Levene faces a
“substantial” jail term after he pleaded guilty, at Southwark Crown Court on
Monday, to cheating investors out of £32m.
The financier’s clients, who believed they were investing in
shares in major multinational companies, were in fact were victims of a Ponzi
scheme. This fraudulent mechanism is the same type as operated by Bernard
Madoff, who is currently serving a 150-year jail sentence in the US. It
operates by new investors’ money going to pay off debts to previous investors….
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