Friday, 22 August 2014
Last updated 10 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.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note