LEYTON ORIENT: Financier blames bankruptcy on gambling addiction (From East London and West Essex Guardian Series)

LEYTON ORIENT: Financier blames bankruptcy on gambling addiction

11:48am Monday 26th October 2009

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BANKRUPT city financier Nick Levene, who quit as vice-chairman of Leyton Orient Football Club last week, has blamed his losses on a gambling addiction.

The 45-year-old is alleged to have taken money from tycoons to buy shares on their behalf but failed to invest any of it or return the cash.

He has now had his assets frozen following a High Court order and has been ordered to return £17.9m to Brian Souter and Ann Golag, the founders of travel firm Stagecoach.

Speaking to the Mail on Sunday newspaper, Mr Levene said: “‘I have lost millions of pounds because of my addiction to spread betting – it is in the region of £50million to £70million.’ But Mr Levene denied that he is on the run, and said he has voluntarily agreed to be questioned by the Serious Fraud Office.

Unlike more traditional gambling, spread betting does not involve placing a fixed stake on a fixed outcome, but allows punters to bet on a range of outcomes measured in points.

It works on a “pound per point” basis, meaning the potential profits are uncapped, but so are the potential losses, meaning it is seen as a riskier form of betting.

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