Friday, 19 December 2014
Last updated 12 hours ago
Jun 21 2010 | 1:11pm ET
Limo-driver-turned-hedge-fund-fraudster Alan Fishman was sentenced to more than three years in prison Friday.
Fishman, who founded A.R. Capital and told the firm’s clients that he made its investment decisions, received a 37-month sentence, less than the five years he faced. His co-defendant, Daniel Ledven, was not so lucky, getting 57 months.
Both Fishman and Ledven pleaded guilty to conspiracy to commit securities fraud in March. According to prosecutors, the two men and two others, including Fishman’s nephew Gary Gelman, bilked 70 investors out of $20 million beginning in 2003. Fishman and Gelman allegedly told clients they would invest in overseas real estate, currencies, oil, gas and other commodities, but did no “active leveraged trading” at all.
Fishman, a popular driver for and member of the board of directors of New York limo service Dial Car, said the scam was all Gelman’s idea. Gelman remains on the lam, and is believed to be in the Ukraine.
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.