Sunday, 28 December 2014
Last updated 3 days 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.