If you're not going to invest your money with a reputable Ponzi schemer, than why not with a livery cab driver posing as a hedge fund owner? Alan Fishman, Brooklyn resident and "president" of AR Capital Group, and Daniel Ledven (an AR Capital manager) were arrested on fraud charges and a court document noted Ledven's testimony to the SEC, "The primary occupation of the president of ARC, was as a livery driver, and the president had very little investment experience prior to starting ARC." Between 2003 and 2006, they managed to raise $20 million—sending $18 million to bank accounts in the Ukraine and Lithuania. According to the Daily News, "One of the biggest victims likely was a 65-year-old unidentified retiree from Ohio who was hooked with a cold call. The man initially invested $10,000, then another $250,000. Phony positive return statements hoodwinked him into eventually boosting his investments to about $8 million." Fishman and Ledven are out on bail; a third man, Gary Gelman (Fishman's nephew), is on the lam.