New York (HedgeCo.net) – The New York District Court has sentenced Alan Fishman to 37 months in prison for conspiring to commit securities fraud in a case involving hedge fund A.R. Capital Group Inc., which he founded. Daniel Ledven, also a principal at the hedge fund, was sentenced to 57 months in prison, according to a Bloomberg report.
Fishman was a car-service driver before he launched the hedge fund, Bloomberg reported, which raised about $20 million from investors between 2003 and September 2006.
The money was to be invested in international real estate companies and used for leveraged trading, the hedge fund claimed, although $18 million ended up in bank accounts in the Ukraine.
Alex Akesson
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