May 3, 2009

New York Cab Driver Arrested For $20m Swindle

A Brooklyn livery car driver passed himself off as a hedge fund mastermind to swindle investors out of $20 million, Manhattan federal prosecutors say.

Alan Fishman, 49, was arrested Thursday night along with Daniel Ledven, 37, of Cresskill, N.J., on securities and wire fraud charges in a scheme that dates back to 2003. A third defendant, Gary Gelman, 39, of Brooklyn, remains on the loose.

Prosecutors say the trio raked in millions by conning victims into believing that A.R. Capital Group, which once had offices at 39 Broadway, was plowing their hard-earned cash into international real estate ventures and leveraged trading.

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