Friday, 29 August 2014
Last updated 10 min 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...