Tuesday, 16 September 2014
Last updated 3 hours ago
Mar 12 2010 | 8:08am ET
The former CFO of New York hedge fund Boston Provident Partners has pleaded guilty to bilking the firm out of $3 million.
Ezra Levy, who was the firm’s chief trader, admitted to trading for his own benefit at Boston Provident’s expense. Originally charged with stealing and swindling $1.3 million from the firm, Levy acknowledged getting more than twice as much.
In one case, Levy netted $600,000 selling shares he owned to Boston Provident at an inflated price.
“I used those funds to pay my personal expenses,” Levy told U.S. District Judge Kevin Castel. He pleaded guilty to one count each of securities and wire fraud.
Levy faces up to six-and-a-half years in prison at his sentencing on June 18. He remains free on $1 million bond. Levy has also been sued by the Securities and Exchange Commission.
Boston Provident is headed by Orin Kramer, a well-known Democratic Party fundraiser and chairman of the New Jersey State Investment Council. The hedge fund said Kramer would personally reimburse the losses and pay the legal fees stemming from the case.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
The Federal Reserve keeps baby-stepping toward a “normalization” of monetary policy. But just what is normal?