Limo-Driving Fraudster Gets Three Years For Hedge Fund Scam

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.


In Depth

Q&A: Quad Advisors’ Borish Is Looking For Real Traders, Not Index Huggers

Aug 20 2014 | 1:43pm ET

Peter Borish, who served as founding partner and director of research at Tudor Investment...

Lifestyle

Viking Manager In Rent Dispute

Aug 11 2014 | 4:14am ET

A hedge fund manager is demanding most of his money back from his former landlord...

Guest Contributor

Majority Of Inflows Go To Brand Name Hedge Funds

Aug 12 2014 | 9:00am ET

Since the market correction of 2008, a vast majority of hedge fund net asset flows...

 

Editor's Note

 

Futures Magazine

PREVIEW July/August 2014 Cover

Inside Futures' 500th Issue

The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.

The Alpha Pages

TAP July/August 2014 Cover

Real talk on alternative investments, business & finance

The Alpha Pages Editor's Note