New York Hedge Fund Manager Charged With Theft

May 29 2009 | 10:39am ET

A suburban New York stockbroker has been arrested for allegedly stealing $140,000 earmarked for his hedge fund.

Michael Mollin was arrested by police in Mamaroneck, N.Y., last week and charged with two counts of grand larceny. Authorities say he took $100,000 from one investor and $40,000 from another, telling them he would invest it in his hedge fund, Ardent Investors Fund. Instead, he spent the money, without telling his alleged victims.

Mollin was released on $25,000 bail on Wednesday, the Larchmont (N.Y.) Gazette reports. He faces up to 15 years in prison if convicted.

According to the indictment, Mollin’s alleged larceny happened between April 1, 2006, and Aug. 14 of last year.


In Depth

Q&A: TCA Fund Management's Bob Press on Small-Cap Private Equity

Aug 25 2016 | 8:55pm ET

The emergence of private credit as a replacement for traditional bank financing...

Lifestyle

Kiawah: Island Reversal

Aug 24 2016 | 9:59pm ET

Looking for real estate investments but the typical real estate fare isn’t cutting...

Guest Contributor

Old Hill Partners: Embrace Illiquidity

Aug 9 2016 | 2:39pm ET

The age-old financial concept that higher yields are the result of higher risk and...