Westchester Hedge Fund Fraudster Pleads Guilty

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.

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