Friday, 22 May 2015
Last updated 8 min ago
Mar 10 2010 | 12:38pm ET
A limousine-driver-turned-hedge-fund-fraudster has admitted to swindling investors out of almost $20 million.
Alan Fishman pleaded guilty to conspiracy last week. Two others charged in the case, Daniel Ledven and Edward Veisman, also did so. The trio were set to go on trial on Monday.
According to prosecutors, Fishman and his nephew, Gary Gelman, founded the A.R. Capital Global Fund in 2003. The fund raised some $20 million from 70 clients promising to invest in overseas real estate, currencies, oil, gas and other commodities. But the fund did no “active, leveraged trading” or “fundamental and technical analysis,” authorities say, instead putting some money into three Ukrainian stocks and millions more were wired to Lithuanian bank accounts.
Despite serving as president of A.R. Capital—Fishman’s lawyer said he was essentially the hedge fund’s administrator—Fishman continued to drive Wall Street executives around town.
Fishman will be sentenced on June 18. He faces up to five years in prison and a $160,000 fine.
Gelman remains on the lam and is believed to be in Fishman’s native Ukraine.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…