Wednesday, 22 October 2014
Last updated 16 hours 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
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