An employee of the hedge fund run by State Investment Council Chairman Orin Kramer has been charged with stealing more than $1.3 million from the firm, according to a Bloomberg report.
Ezra Levy, a trader at the Kramer-run firm Boston Provident, allegedly transferred $726,000 of the company’s money to his own bank account and generated $600,000 in profit by buying shares of an energy company at inflated prices.
According to a statement released by the firm that is cited in the Bloomberg story, Levy was terminated as soon as Boston Provident learned of the alleged conduct, and the firm contacted the U.S. Attorney’s Office. Kramer will pay the losses incurred from the alleged crime.
Tags: Bloomberg Report, Boston, Buying Shares, Council Chairman, Employee Theft, Energy Company, Ezra, Hedge Fund, Inflated Prices, Investment Council, Kramer Run, Levy, Losses, Money, New Jersey Politics, Orin Kramer, Provident, State Investment