Tuesday, 2 September 2014
Last updated 10 hours ago
May 18 2012 | 4:07am ET
Connecticut authorities have accused a Norwalk hedge fund manager of stealing some $845,000 from his hedge fund.
According to the state's Department of Banking, Ronald Marvin wired more than $700,000 from his RMV Partners to himself. He also allegedly wired another $145,000 from RMV's account at Sloan Securities, where he was a broker-dealer. Marvin repaid the latter amount, but was still fired and barred from the industry by the Financial Industry Regulatory Authority in October for it.
The Banking Dept. said Marvin stole the $700,000 after he was barred.
Connecticut did not say how large a fine it would seek against Marvin, who is permitted to contest its findings.
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