Liversidge's parents, Asher Perlsweig, a rabbi, and Sarah, were Jewish immigrants to Britain from Russia. He was born in Harringay, London, one of five brothers and three sisters. He left school at the age of 14 and drifted before becoming involved in financial services. In July 1928 two of his associates, David and Dore Baumgart, were tried at the Old Bailey for conspiracy to defraud over share dealings in which Liversidge was also alleged to have been involved. An arrest warrant was issued for him, but it was never executed. He subsequently admitted that he had become involved with some dishonest people, but he always denied being guilty of any wrongdoing.