Monday, 2 March 2015
Last updated 1 hour ago
May 13 2010 | 3:26am ET
Despite admitting he defrauded three investors of $290,000 in a hedge fund scam, a suburban New York stockbroker won’t spend a day in jail.
Michael Mollin pleaded guilty this week to second-degree larceny. He admitted that, instead of investing the money in his Ardent Investors Fund, he spent it on himself.
While he’ll be officially sentenced on Aug. 17, Mollin will serve only five years’ probation. He’s also been ordered to pay $140,000 in restitution before his sentencing and another $150,000 during his probation.
Mollin had faced up to 15 years in prison.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…