Hedge Fund Fraudster Gets 5 Years For $20M Scheme

Law360, New York (August 12, 2011, 4:08 PM EDT) -- An operator of bogus New York-based hedge fund AR Capital Global Fund LP was sentenced Friday to more than five years in prison for duping investors into giving him and his co-conspirators nearly $20 million.

Benjamin Koifman, who pled guilty to fraud in April, will spend 63 months in prison for the scheme, according to the U.S. Attorney's Office for the Southern District of New York.

According to prosecutors, Koifman and co-conspirators William Shternfeld, Igor Levin and Yevgeny Shvartsshteyn attracted investors with false promises and statements,...
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