Funds News

Boston Provident fires CFO Levy for alleged theft

NEW YORK, Nov 10 (Reuters) - Boston Provident, a New York hedge fund firm led by widely known investor Orin Kramer, on Tuesday said it fired its chief financial officer, Ezra Levy, for alledgely stealing more than $1.3 million from the firm.

Boston Provident said it terminated Levy immediately after discovering the thefts and contacted the U.S. attorney for the Southern District of New York, which took action against Levy late Tuesday morning.

“Boston Provident was outraged to learn of the theft,” the firm said in a statement. “This is an egregious violation of the law and the trust of our investors.”

The firm said Kramer, who serves as chairman of New Jersey’s state pension fund, intends to personally pay for legal fees arising from Levy’s conduct and to restore funds stolen. Kramer also served in the administrations of Presidents Carter and Clinton.

Boston Provident also said it wanted to seize Levy’s assets in the partnership and would work with U.S. authorities to freeze Levy’s other personal assets. (Reporting by Joseph A. Giannone, editing by Maureen Bavdek)