Staten Island ‘Hedge Fund Manager’ In 2nd CFTC Run-In

Apr 3 2007 | 3:49pm ET

There’s just no deterring some people.

Fresh off a three-year stint in prison for a previous hedge fund scam, Alexsander Efrosman of Staten Island, N.Y., finds himself in trouble with authorities again. According to the Commodity Futures Trading Commission, he’s back up to his old tricks.

The regulator announced yesterday that a federal court entered a default judgment against Efrosman, a.k.a. Alex Besser, ordering him to pay restitution, disgorgement and penalties totaling more than $22 million. The CFTC says that Efrosman, through entities called AJR Capital and Century Maxim Fund, collected more than $5 million from about 110 investors for a foreign-exchange futures fund. In fact, it is alleged, the money went to fund Efrosman’s gambling habit, while he studiously provided his “investors” with fictitious account statements and promises of double-digit monthly returns.

Efrosman’s last run-in with the law stemmed from a CFTC administrative action in 1997. He fled the country, only to be tracked down in France in 2000 and extradited. In that case, he pleaded guilty to 19 counts of fraud.


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR