Friday, 27 March 2015
Last updated 3 hours ago
Dec 7 2010 | 1:02am ET
It was all a lie: Two men admitted last week that their "hedge fund" was little more than scam that cost investors more than $7 million.
Igor Levin and Yevgeny Shvartsshteyn pleaded guilty to fraud charges in Manhattan federal court. The two men said that they never invested the money entrusted to them by investors, instead sending the money to banks in the Ukraine. That money appears to have disappeared.
The two men had told investors they would put their money into international real estate.
Of course, a little digging might have saved their latest victims the trouble. Shvartsshteyn served more than two years in prison 10 years ago for mail fraud, while Levin did 11 months for a firearms violation in the early 1990s. He was also rapped at around the same time for possession of stolen property.
This time, both men face much longer stints in the pokey: Up to 20 years apiece. Levin faces deportation to the Ukraine after completing his sentence.
Both men have also agreed to forfeit the $7 million they stole.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…