Nicholas Levene's 'shame and guilt' over £32m fraud The 48-year-old son of an electrician, known by friends as Beano because of his love for the comic, spent more than £18 million supporting a lifestyle of private jets, super-yachts and lavish parties. He spent his last free night before being taken to jail speaking to the Financial Times: "I think the City is as much to blame for what happened as I am. Actually, that's not right. I am completely to blame for my situation, but the City tught me a lot of bad habits. During 13 years as a trader at Phillips & Drew he started to develop a gambling habit, revealing that he would attend lunches with other traders that descended into heavy betting over cheese and fruit: "People would be making a market on how many grapes were in the bowl. Thousands of pounds would be laid out. He later worked at a succession of small brokers and eventually started making big personal spread bets with his own money. At around the same time friends started asking him to invest sums as large as £3m on their behalf. These friends included Stagecoach founder Brian Souter and Ivy owner Richard Caring. Sir Brian and his sister Ann Gloag eventually lost £5m each and Mr Caring was conned out of £10m. "I didn't love the money," said Mr Levene. I know people think that is what it is all about. But I was greedy to be in action; whether I was winning or losing. I was just obsessed with always having a position. That is a very, very bad place to be in. I do feel remorse. I have gone through massive lows of shame and guilt and I wish I could morally put right what I have done," he said. Would I go back to the City? It's going to be a very different place by the time I get out.