Friday, 27 November 2015
Last updated 1 day 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…