Former Boston Provident Head Trader Pleads Guilty to Fraud

March 11th, 2010
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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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