Conn. Hedge Fund Manager Stole $700K, Regulator Says

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.


In Depth

Fundraising for Mid-Sized PE Funds: Should You Use a Registered B/D?

Dec 6 2016 | 7:18pm ET

When does a fund sponsor need to use a registered broker/dealer when raising capital...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

A Hard Look At Your ‘Soft’ Hedge Fund Marketing Information

Dec 8 2016 | 9:03pm ET

Conventional wisdom holds that due diligence examines quantitative as well as qualitative...

 

From the current issue of

Since the inception of Modern Trader, a core editorial theme has centered on the wisdom and power of crowds. Editorial emphasis has focused on companies and projects engaged in the collection and analysis of information. 

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR