Former Boston Provident Head Trader Pleads Guilty to Fraud
| March 11th, 2010 | ||
| Boston Provident’s former chief trader and chief investment manager, Ezra Levy, admitted stealing $3 million from Boston Provident and has plead guilty to securities fraud and wire fraud, according to Reuters. Levy was charged in November of 2009 and, based on his plea, will be sentenced to between 5 and 6 1/2 years behind bars. Boston Provident’s general partner, Orin Kramer, has promised to personally repay the stolen funds in addition to covering all Boston Provident’s legal fees. | ||
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Related Article Tags: Hedge Fund Fraud and Ponzi Scheme News
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Hall of Fraud Top 10
Firm | Assets* |
Madoff Investments LLC | 64,800 |
Stanford Financial Group | 8,000 |
Petters Group Worldwide | 3,500 |
Frankel International & Frankel Chemical | 1,200 |
Satyam Computer Services | 1,000 |
Westgate Capital Management, LLC | 900 |
Capitol Investments USA, Inc | 900 |
Dreier LLP | 700 |
WG Trading Co | 554 |
Weavering Capital | 500 |
*Estimate of alleged Fraud/Investor Losses ($MM) | |
