Sunday, 24 May 2015
Last updated 2 days ago
Dec 17 2010 | 12:44am ET
Federal prosecutors have indicted two more men in an alleged $20 million hedge fund fraud case, two weeks after two others pleaded guilty.
William Shternfeld and Benjamin Koifman were charged this week with securities and wire fraud. According to the U.S. Attorney's office, the two men ran the A.R. Capital Global Fund and ARC Global Fund, which raised about $20 million from 70 investors by misleading them.
Earlier this month, A.R. Capital's heads, Igor Levin and Yevegeny Shvartsshteyn, admitted that the firm was a phony and that the money they raised was not invested, as investors were told it would be, in international real estate. Instead, Levin and Shvartsshteyn said, they stole $7 million and sent most of the money to banks in the Ukraine, where it has disappeared.
According to the feds, Shternfeld and Koifman wired some $18 million of the money they collected to the Ukraine.
Both men were freed on $500,000 bail. They are due back in court on Jan. 3. If convicted, they each face up to 65 years in prison.
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…