Skip to main content

Let This Be A Warning To All Of You Running Around Town Telling People To "Just Call Me L-Train"

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.

'Fund boss' was really a driver-US court papers [Reuters]