In 2008, Fursa Strategic Alternatives, an asset management firm run by Massapequa resident William F. Harley III, informed investors that it would be closing its doors and returning everyone’s money. As some money managers can likely attest though, making the decision to close up shop (and writing people to say as much), doesn’t mean you’re emotionally ready to do so. Harley, for example, couldn’t shake the feeling that he was put on this earth to be an investor and, god damn it, he was going to invest until the day he died. So he did what any rational human being in his position would, and decided to just, you know, hang on to his clients’ money for a while. Of course, the pesky little varmints kept calling, so he had to disconnect the phones and to avoid an awkward confrontation wherein they appeared at the firm’s building demanding their cash in person, he moved HQ into the basement of one of his other businesses, a Hooters restaurant. That got people off his tail for a while but, unfortunately, they popped up again and this time are taking legal action.

The Claude Worthington Benedum Foundation filed the lawsuit last month in the Court of Common Pleas in Allegheny County, Pa. It has since been moved to federal court in the western district of Pennsylvania. The charity said in its lawsuit that William F. Harley III continued operating Fursa Strategic Alternatives from the basement of a Hooters restaurant on Long Island after saying in 2008 the fund would close and the charity’s money would be returned. Federal filings show Fursa in January was the largest investor in lingerie company Frederick’s of Hollywood Group. A spokesman for Harley said lawyers for the fund sought unsuccessfully to contact the charity last year. Harley could not be reached for comment at his home Wednesday…The lawsuit points to Fursa’s investment in Frederick’s of Hollywood as evidence the company continued operating instead of returning its money. Fursa Alternative Strategies owns 46 percent of Frederick’s, according to the company’s proxy statement.

While a spokesman for Harley has not denied most of the allegations, he does take issue with claim that Fursa has any sort of legitimate set-up at any of his four Hooters, telling Newsday that he “occasionally has business meetings at them, but doesn’t run an office there.”

Charity lawsuit accuses Massapequa man of mishandling $2M investment [Newsday]

Comments (43)

  1. Posted by guest | September 27, 2012 at 2:22 PM

    I see nothing wrong here

  2. Posted by guest | September 27, 2012 at 2:25 PM

    I like your style.

    -J. Meriwether

  3. Posted by Sean | September 27, 2012 at 2:32 PM

    Yeah his returns sucked and his strategy was confusing, but goddamnit did he have some bangin' wings.

  4. Posted by 2 cubes over | September 27, 2012 at 2:35 PM

    hooters = maxim

  5. Posted by Guest | September 27, 2012 at 2:41 PM

    His story is like a pair of brand new crotchless thongs from Frederick's… full of holes.

  6. Posted by Guest | September 27, 2012 at 2:44 PM

    Anybody else have a hankerin for some spankerin?

  7. Posted by Guest | September 27, 2012 at 2:51 PM

    At least his LP's get some wings out of it.

    -Harbinger/LightSquared LP

  8. Posted by Shark | September 27, 2012 at 2:54 PM

    She fixed those flotation devices to come to see me ?

  9. Posted by Guest | September 27, 2012 at 2:58 PM

    I have no problem with this. Hooters is a perfectly legitimate spot in which to hold business meetings.

    -T. Marks, CEO
    HOA Restaurant Group, LLC

  10. Posted by Guesticles | September 27, 2012 at 3:07 PM

    Their wings suck, but you might be right about the bangin' part.

  11. Posted by Texashedge | September 27, 2012 at 3:09 PM

    I know Chipper Jones put some seed capital into a Hooters operation once, but I don't think it turned out too well for him.

  12. Posted by Deleveraging | September 27, 2012 at 3:44 PM

    It amazes me the number of dirtbags that come out of Massapequa.

  13. Posted by PermaGuestII | September 27, 2012 at 4:14 PM

    …that come out of Long Island in general.

    -fixed it for you

  14. Posted by Twin Peaks | September 27, 2012 at 4:31 PM

    "That got people off his tail for a while" Come on! Don't you know those girls work for tips?

  15. Posted by Mexi_Cant | September 27, 2012 at 4:54 PM

    Articles like these make marriage appear to be such a dumb idea

  16. Posted by Divorce | September 27, 2012 at 5:16 PM

    Tell me about it.

    -Guy who has been married less than a month and had an argument with his new wife last night about the positioning of a lamp

  17. Posted by WTF__k | September 27, 2012 at 5:46 PM

    Consider viewing the last item in the article at http://online.wsj.com/article/SB10000872396390443

    "…Well, allow us to inject a male point of view. Suppose you're the purportedly perfect man–a guy who has the qualities of Messers. X, Y, Z and Q all rolled into one. Why would you want to spend 90 minutes, much less a lifetime, with someone who'd rather scream at you than change a light bulb herself?

    Perhaps these Atlantic pieces are assigned and written with only women in mind, and this columnist is the only heterosexual man who finds them interesting enough to read all the way through. Another possibility is that the magazine's actual editorial mission is to disabuse bachelors of any notion that it might be nice to be married."

  18. Posted by Adriana | September 27, 2012 at 6:55 PM

    Tell ME about it

  19. Posted by Married Guy | September 27, 2012 at 7:19 PM

    Well, articles like these and the disappearance of blow jobs.

  20. Posted by Jon Corzine | September 28, 2012 at 8:38 AM

    Hey! Maybe he just doesn't know where the money went?

  21. Posted by guest | September 28, 2012 at 10:04 AM

    *TELL me about it

  22. Posted by G. Soros | September 28, 2012 at 10:39 AM

    Been there.

  23. Posted by guest | September 28, 2012 at 11:12 AM

    how bout you go screw yourself.. Im from massapequa and Mickey Harley is a stand up guy and does a lot of great things for our community. If you knew him you would know he would never steal money from anyone especially a fundraiser. He's one of the most generous person I know.

  24. Posted by guest | September 28, 2012 at 9:34 PM

    You people forget that you're talking about a human being whom you know nothing about other than what you've seen in the news. This is a person with a family like everyone else.

  25. Posted by Sanity4 | September 29, 2012 at 6:48 AM

    This guy stole over $800 million out of five hedge funds. The article doesn't mention that he has a dozen actions against him in five states and is now fighting for his life. He has badly hurt this charity that helps the poor in West Virginia and Pennsylvania. Long ago he forgot his roots and now steals from the poor as he has done from pension funds and other charities that invested in his funds. The attorney generals from Pennsylvania and New York are on to him. Soon you will be reading about criminal charges and once convicted he will be sent to jail. This guy leaves destruction in his wake. He has only done this to satisfy his own need for money and celebrity.

  26. Posted by guest | September 29, 2012 at 6:41 PM

    does anyone here actually know anything about business lol

  27. Posted by guestwho | September 29, 2012 at 7:14 PM

    Barbara – Look up the Benedum Foundation and you tell everyone on this list that its for rich people. They are going to have to reduce their programs for the poor because of what Mr. Harley did.

  28. Posted by Special Guest | September 29, 2012 at 7:49 PM

    I have to agree with Sanity4. The Benedum Foundation is for the poor. If he stole from them then he is a hypocrite. Doesn't look to good with a guy skipping off with the money to buy some Hooters and a tacky lingurie company. Also, I see Mickey walking around town with an armed body guard. Why would he need one of those if people weren't out to hurt him?

  29. Posted by Special Guest | September 29, 2012 at 8:34 PM

    Barbara – get over it. You know you are married to a crook and you and your family have lived off the stolen money. The gravy train has ended and your husband will soon be in jail.

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  42. Posted by guest | February 9, 2013 at 11:30 AM

    IF THERE ARE TWO PEOPLE IN AN ELEVATOR AND ONE OF THEM FARTS
    THEY B O T H K N O W WHO DID IT! MICKEY YOU KNOW YOU DID IT. AND DID IT MANY MANY TIMES OVER. YOUR FATHER DIED A DRUNKEN LOSER,
    YOUR BROTHER IS A DRUNKEN LOSER AND YOU MR. IVY LEAGUE ARE THE BIGGEST
    OF THE DRUNKEN LOSERS! YOU ARE A CRIMINAL, A COWARD, A COMMON THIEF. YOU
    TAKE YOUR PLACE WITH THE FAMOUS OF MASSAPEQUA, CARLO GAMBINO, JOHN GOTTI, JR.
    AND WILLIAM MICKEY HARLEY III. YOU WILL SOON BE WATCHING LIFE THROUGH A PLATE GLASS WINDOW. I CAN'T WAIT TO SEE YOUR LOYAL FOLLOWERS OF MASSAPEQUA HS LOSERS
    GO DOWN ALSO. CUT THE SNAKE'S HEAD OFF AND THE BODY DIES. KARMA MR. HARLEY. SOON TO BE – FEDERAL PRISIONER # 1234567. I PRAY YOU ROT IN HELL FOR ETERNITY!!!!

  43. Posted by guest | April 27, 2013 at 12:57 PM

    OMG I cant believe what Im reading, Everyone of you are just so jealous!! it actually made me laugh! Keep writing I find it very amusing. I know him well, great guy, wonderful family. Psst.. and ladies not only does he have money and a big heart he is pretty awesome in………ooo wait dont want to disrespect his family.