Brooklyn Cab Driver Convinces You He Has A Hedge Fund, Steals $20 Million

Oh look, another Mini-Madoff! Meet Alan Fishman, 49, a livery cab driver from Brooklyn, NY who convinced people he was a hedge fund mastermind.

From the Daily News:

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.

The swindlers apparently hooked investors with cold calls, doctored statements showing big returns, and fabricated biographies touting their investing experience.

Brooklyn livery cab driver arrested for swindling $20M by masquerading as hedge fund mastermind [Daily News]
(Photo:the idealist)