Monday, 30 November 2015
Last updated 1 hour 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…