Operator of Fake Hedge Fund Sentenced to 63 Months in Prison
This article is for subscribers only.
Benjamin Koifman, who pleaded guilty to conspiracy for his role in a scheme to cheat investors with a phony New York-based hedge fund, was sentenced to five years and three months in prison.
Koifman and William Shternfeld ran A.R. Capital Global Fund LP, an unregistered investment adviser, and ARC Global Fund, a hedge fund that said it invested in equity of international real estate, according to prosecutors in the office of Manhattan U.S. Attorney Preet Bharara.