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.