A Larchmont stockbroker will avoid jail time after admitting to bilking investors out of $290,000, according to the Westchester County District Attorney's Office.
Michael Mollin, 42, pleaded guilty Tuesday to second-degree grand larceny and will serve five years' probation.
Mollin, who was a managing member of Ardent Investor Fund, LLC, was arrested by Town of Mamaroneck police in May of last year after two Connecticut men said they gave him $100,000 and $40,000 to invest in a hedge fund between April 2006 and August 2007. At the time of his arrest, Mollin lived on Bonnie Way in Mamaroneck and has since moved to Pine Ridge Road in Larchmont. He was charged with second- and third-degree larceny.
Mollin allegedly spent the money on unspecified personal expenses without permission from the investors. After his arrest, another investor came forward and said he gave Mollin $150,000 to invest in the same hedge fund.
Mollin must pay restitution of $140,000 before his Aug. 17 sentencing date and pay back the $150,000 during the course his probation, said the DA's office.
Mollin's attorney, Daniel S. Parker, told the Journal News his client regrets what happened and is looking forward to paying restitution.