The Serious Fraud Office has secured an increased confiscation order against former stockbroker and convicted Ponzi scheme fraudster Nicholas Levene.

The former City trader was convicted of fraud in 2012 following an SFO investigation opened in October 2009..

After initially pleading not guilty in September 2011, he pleaded guilty in September 2012 to 12 counts of fraud, one count of false accounting and one count of obtaining money transfer by deception. He was sentenced to 13 years in prison and handed a confiscation order.

Though his criminal benefit was estimated to be £32m, his realisable assets at the time of sentencing were just £1 due to bankruptcy proceedings. An original £1 confiscation order allowed the SFO to keep the order open in case assets became available at a later date.

In February 2019 a restraint order was applied on Mr Levene’s SIPP, with approximately £118,000 restrained that he was due to gain access to. The total value of his SIPP was over £230,000, but as part of a divorce settlement his ex-wife was entitled to 50% of the pension.

The SFO identified further realisable assets related to Mr Levene and his offences and successfully secured an increased confiscation order of £134,000. This will now be passed on to his victims as compensation.

Emma Luxton, head of the proceeds of crime and international assistance division, said: “Our cases do not end at conviction and we do not rest until every penny that can be recovered is recovered. This case and the recent increase in David Vidgeon’s confiscation amount are testaments to the tireless and tenacious efforts made routinely by our Proceeds of Crime team to ensure fraudsters continue to pay for their crimes.”

It's the second case this week where the SFO has secured an increased confiscation order.