Alan Fishman, a limousine driver turned hedge fund manager, was sentenced in June to 37 months in prison for losing nearly $20 million in investor funds through a fraudulent investment scheme.
Fishman plead guilty to a conspiracy charge and was ordered to pay a $160,000 fine and make restitution, according to Crain’s New York Business.
A Ukrainian immigrant, Fishman was a driver and then board member at Dial Car, a limo service that served many financial services clients. That world eventually grew attractive to Fishman.
An earlier Crain’s profile explained the pitch from AR Capital Global Fund, run with his wife's nephew, Gary Gelman. “The fund, investors were told, would buy shares in overseas real estate companies and trade currencies, oil, gas and other commodities while using ‘active, leveraged trading’ and ‘fundamental and technical analysis’ to make money.” In reality, “client money was invested in three Ukrainian stocks or parked in a Ukrainian money market fund.”