Saturday, 28 November 2015
Last updated 14 hours ago
Mar 28 2011 | 1:22am ET
Two admitted hedge fund fraudsters have been sentenced to a year in prison for each million they cost investors.
Igor Levin and Yevgeny Shvatsshteyn were each ordered to serve 87 months in prison, slightly more than seven years, for defrauding investors of more than $7 million. U.S. District Judge Sidney Stein also ordered the two to pay that amount in restitution.
Levin and Shvatsshteyn pleaded guilty in December. The two said they never invested the money entrusted to them in international real estate, as promised, instead sending it to banks in Levin's native Ukraine. The millions appear to have disappeared.
Levin faces deportation to the Ukraine after completing his sentence.
It's not the first trip up the river for either man: Shvatsshteyn served more than two years in prison a decade ago for mail fraud, while Levin did 11 months for a firearms violation in the early 1990s.
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…