{"id":26173,"date":"2011-11-22T10:27:55","date_gmt":"2011-11-22T15:27:55","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=26173"},"modified":"2011-11-22T10:50:09","modified_gmt":"2011-11-22T15:50:09","slug":"two-managers-each-sentenced-to-over-5-years-for-18-million-hedge-fund-fraud","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/11\/2011\/two-managers-each-sentenced-to-over-5-years-for-18-million-hedge-fund-fraud.html","title":{"rendered":"Two Cold-Callers Sentenced To Over 5 Years For $18 Million Hedge Fund Fraud"},"content":{"rendered":"<p><a href=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2011\/11\/convictions1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-26176\" title=\"convictions1\" src=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2011\/11\/convictions1.jpg\" alt=\"\" width=\"237\" height=\"295\" \/><\/a>New York (HedgeCo.net) &#8211; William Shternfeld and Benjamin Koifman have been sentenced in a NY court to\u00a063 months each in prison for participating in a conspiracy to defraud investors of more than $18 million through a fraudulent hedge fund, the FBI reports.<\/p>\n<p>Both men pled guilty to one count of conspiring to commit mail and wire fraud.\u00a0Manhattan United States Attorney Preet Bharara said: \u201cWilliam Shternfeld and Benjamin Koifman preyed on the elderly to entice them into investing in their so-called fund.&#8221;<\/p>\n<p>The fund in question is the AR. Capital Global Fund, LP. (\u201cARC Global Fund\u201d), a purported hedge fund. Investor funds were wired to various bank accounts in Eastern Europe. The FBI said that the pair were expert cold-callers who solicited the vast majority of the funds from the ARC Global Fund\u2019s victims, many of whom were elderly and lost most, if not all, of their retirement savings.<\/p>\n<p>The ARC Global Fund received more than $18 million in investments before being shut down in September 2006.<\/p>\n<p>In addition to their prison terms, \u00a0the Judge sentenced Shternfeld and Koifman, both of Marlboro, New Jersey, to three years of supervised release each. He also ordered each to forfeit $7 million, which constitutes proceeds from their crime.<\/p>\n<p>Five defendants were previously convicted and sentenced for their involvement in the ARC Global Fund fraud. Yevgeny Shvartsshteyn and Igor Levin were each sentenced to 87 months in prison. Daniel Ledven, Edward Veisman, and Alan Fishman were sentenced to 57, 46, and 37 months in prison, respectively.<\/p>\n<p>Alex Akesson<br \/>\nEditor for <a title=\"hedge funds\" href=\"http:\/\/www.hedgeco.net\">HedgeCo.net<\/a><br \/>\n<a href=\"mailto:alex@hedgeco.net\">alex@hedgeco.net<\/a><br \/>\n<a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\">HedgeCo.Net<\/a> is a premier <a title=\"hedge fund database\" href=\"http:\/\/www.hedgeco.net\">hedge fund database<\/a> and community for qualified and accredited investors only. Membership in <a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\">HedgeCo.net<\/a> is FREE and EASY. We also offer FREE LISTINGS for <a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\">Hedge Funds<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (HedgeCo.net) &#8211; William Shternfeld and Benjamin Koifman have been sentenced in a NY court to\u00a063 months each in prison for participating in a conspiracy to defraud investors of more than $18 million through a fraudulent hedge fund, the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,16034,3],"tags":[],"class_list":["post-26173","post","type-post","status-publish","format-standard","hentry","category-hedge-fund-fraud","category-hedge-fund-rulings","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/26173","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=26173"}],"version-history":[{"count":6,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/26173\/revisions"}],"predecessor-version":[{"id":26185,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/26173\/revisions\/26185"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=26173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=26173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=26173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}