Fake Hedge Fund Operators Sentenced to 87 Months in Prison
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Two men who in December admitted to defrauding investors of more than $7 million though bogus hedge funds were each sentenced to 87 months in prison, Manhattan U.S. Attorney Preet Bharara said.
Igor Levin, 41, of Brooklyn, New York, and Yevgeny Shvartsshteyn, 40, of Belle Harbor, New York, each pleaded guilty last year to one count of conspiracy to commit mail and wire fraud. The two said they operated A.R. Capital, a general partner of A.R. Capital Global Fund LP, which they told investors was a hedge fund that invested primarily in equity of international real estate companies, and in oil, gas and other commodities, according to a statement from Bharara’s office.