Larchmont, NYA 42-year old Larchmont man has admitted to more than $240,000 in stockbroker fraud and is currently awaiting sentencing, according to the Larchmont Gazette.
Michael Mollin pleaded guilty to grand larceny in the second degree, a federal offense that will likely land the broker five years of probation when his sentence is determined by the Westchester County District Attorney's office this August.
Mollin took money from a number of clients under the pretenses of investing it in the Ardent Investment Fund, a profitable hedge fund company that he helped found in 2004, but instead used the money to support his own lavish lifestyle. Charges were officially filed in May 2009, though the lawsuit alleges that the actual fraud occurred between April 2006 and August 2007.
Of the victims, two will receive payments in excess of $100,000 from Mollin, while a third will receive just over $40,000. Should Mollin fail to pay these individuals back, he will face up to 15 years in a federal penitentiary, according to the new provider.
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