A New York man who told investors he was president of a hedge fund called AR Capital Group Inc (ARC) was really a hired driver, according to court documents on Friday in which he and two others were charged with fraud.
The self-described president of ARC, Alan Fishman, and Daniel Ledven, a purported manager at the fund from 2002 until it closed in February 2006, were arrested on Thursday night. The third accused, Fishman’s nephew Gary Gelman, is at large.
All three were charged with securities fraud and wire fraud, according to criminal complaints filed in Manhattan federal court.
“The primary occupation of the president of ARC, was as a livery driver, and the president had very little investment experience prior to starting ARC,” according to one court document citing Ledven’s testimony to the U.S. Securities and Exchange Commission in November 2006.
this guy is my hero
i tell people i’m the manager of SAC. brother practically begged for it what with not letting any pics of himself on the internet.
awesome
The fuck. Seriously. Who falls for the American version of the Prince of Nigeria scam?
why are people sofaking stupid?
I was almost had by this guy, but couldn’t set the terms over that fucking loud, obnoxious cab t.v. Also, his pen ran out of ink…so there’s that.
I was almost had by this guy, but couldn’t set the terms over that fucking loud, obnoxious cab t.v. Also, his TD bank pen ran out of ink…so there’s that.
Why is having limited experience or having other interests bad? Einhorn had verly little experience when he started Greenlight and his main occupation is playing poker. I say, look at the man’s track record and judge from that. I’d give him my life savings if he has a good investment strategy and would be honored to pay him 2 and 20 if he would also drive me to the airport.
@8- i think that was the point of the tag asking “does he not get credit for having *some* investment experience”
Exaclty, get off the man’s ass – can’t he try to make a living in this world without Obama and his minions trying to restrict and control everything we financiers try to do. Or is because he drives a Lincoln rather than a Chrysler.
Seriously, he had to have at least had a PPM. That’s got to be a good read.
I bet he is glad he is not a young lawyer
http://endofesq.com/?p=1179
I pounded my secretary in her ass in the back of a cab once.
@AB
not sure if im picking up sarcasm, but its generally bad business practice (not to mention possibly illegal) to misrepresent yourself as having experience/education that you do not possess. if the guy told investors, ‘i drive a cab, but i can still kill it’ and they ponied up money for him, then everything would be chill
@13 – While the cabbie pounded you in the ass at the same time?
Didn’t anyone conduct meaningful due diligence on this guy?
- Walter Noel
AR Capital’s track record is probably better than pretty-boy smarty-pants Ackman’s 100% TGT Pershing Square IV…
just leave the guy alone. No one forced anyone to invest in the company. Their kids should not suffer from reading all these nasty articles that is written about them
[...] Fishman, the limo driver-cum-hedge fund manager president who admitted last year to screwing AR Capital investors just a little bit, has pleaded guilty to fraud (Fishman had caught [...]