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

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...