Thursday, 23 October 2014
Last updated 2 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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