Friday, 27 March 2015
Last updated 4 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.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…