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)
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Comments:
from the headline, i assumed the guy was telling people about his hedge fund while driving them places. to which my immediate reaction was "oh, good god, no wonder america's economy is collapsing: people are idiots."
I assume most of the unfortunate persons were senior citizens?
Why are people this stupid. If he was such a mastermind in stocks than why would he be driving a cab?
The secret lives of cabbies.
Test, I think I'm broken.
All of those people deserve to lose their money. They are stupid and greedy and a new york cabbie scammed them for it. This would only be better if the cabbie said he was a Nigerian prince.
Most of these people are rich and greedy. I hope they loose every penny.
They took a ride in the Cash Cab!
But would he drive you to Brooklyn?
I don't want to split hairs, but a livery car driver is NOT a taxi cab driver. Livery car drivers drive the 'black car' fleets and are hired by calling the company directly. Taxis are hailed directly on the street and their vehicles are yellow in color.
/end of today's transportation lesson. And no, I am not a driver of either mode.
As for the 'victims,' well, maybe they'll end up on the next episode of Livery Car Confessions.
Taxi to the dark side.
@katieoh: I thought the same thing, then found out it was based on cold calls, and I realized I was right. Who invests in a company that calls you to ask you to invest?
@savdavid: Most Internet nerds are weak and unskilled in self-defense. Therefore they all deserve to be beaten up by strong bullies and get many bones broken.
See? Tony Danza wouldn't have had to resort to this if we kept watching his talk show! Angela is going to be SO pissed!
You've got to admire the American Entrepreneurial spirit.
with Skeletor!!
nybiker, you are splitting hairs, and hairs that don't split in most of the country.
In my smaller city, when you call the phone number to get a cab, you get the same guys that you'd get if you hailed one on the street.
The amount of people that get caught in Ponzi schemes absolutely amazes me. In the case of Bernie Madoff a lot of victims didn't even know he was getting their money. As for the friends Bernie suckered, I can only imagine their disgust, when they were invited to him many homes, or on his yachts, only to now find out it was THEIR money that paid for it all. Disgusting.
Interesting that Alan Fishman is also the name of the former chair of Independence Bank who was --very briefly -- CEO of WaMu and ended up making $19 million for 17 days' work.
How does this stuff still happen to people with google around? It takes two seconds to find out if people are full of truth or lies.
People still fall for this nonsense. How to avoid: learn about investments, money management and handle your your finances with a discount brokerage account. Handing money over to some dope is too dangerous. Under no circumstances would I ever do that. Nobody cares about my money more than me. Therefore, get educated and handle your own finances. It is not hard.
@albokay: he wasn't driving the cab at the time dude. they were still stupid to trust anybody, but at least he wasn't just driving a cab.
@albokay: says the guy who'll never have money to begin with because he's too busy hiding his pennies in a jar in his back yard. how do you figure they deserve to lose their money? they were victims of fraud. i assume Madoff's victims deserved it too? good! take that Elie Wiesel Foundation for Humanity, you greedy bastards!!!
Is this really a Ponzi scheme? Usually, Ponzi schemes involve robbing Paul to pay Peter (in fact, many Madoff investors MADE money). This just seems like straight up larceny.
i wonder if the cab ride ended with "that'll be $22.50... hey, by the way...."