HedgeCo News - An American fugitive, Alexsander Efrosman, also known as Alex Besser, has been arrested in Krakow, Poland, the Associated Press reports.
The Polish police arrested the Staten Island "hedge fund manager", who is wanted by the FBI for fraud and money laundering.
AP reports that the U.S. Commodity Futures Trading Commission alleges that Efrosman/Besser stole about $5 million from customers of two fraudulent hedge funds that he claimed to manage, Century Maxim Fund, Inc. and AJR Capital Inc.
The commission says that investors were shown fake financial statements for trades that never occurred and the fake earnings were used in the solicitation of new investors to his hedge funds.
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