...And another one bites the dust. William Shternfeld was sentenced to five years and three months in the slammer after pleading guilty to conspiring to cheat investors with a fake hedge fund.
Shternfeld and his partner, Benjamin Koifman, were behind the New York-based A. R. Capital Global Fund and Arc Global Fund. Prosecutors said the two men took in an estimated $18 million from over 70 investors, promising to put the money into real estate, oil and gas.
“William Shternfeld and Benjamin Koifman preyed on the elderly to entice them into investing in their so-called fund,” Manhattan U.S. Attorney Preet Bharara said in a statement. “In some cases, the defendants wiped out the victims’ entire retirement savings….”
Read more about it at http://www.finalternatives.com/node/18803
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