A Larchmont stockbroker was arrested and charged with two counts of grand larceny by Mamaroneck Town Police on May 21.
Mike Mollin, 42, is the managing member of Ardent Investors Fund, an LLC he established in 2004. He is charged with taking $100,000 from one investor and $40,000 from another, which were meant to be invested in a hedge fund. It is alleged that he spent the proceeds instead, without permission or authority from the two investors.
The offenses are alleged to have occurred, approximately, between April 1, 2006 and August 14, 2007.
At that time, Mr. Mollin was living in the Town of Mamaroneck. He is now living in Larchmont Village.
The charges include one count of grand larceny in the second degree (involving thefts over $50,000) and one count of grand larceny in the third degree (theft involving over $3,000). Both are felonies. If convicted, Mr. Mollin faces up to 15 years in prison on the more serious charge.
Following his arrest, Mr. Mollin was held at the Westchester County jail. On May 26th, he was released on $25,000 bail.
On advice of his attorney, Mr. Mollin declined to comment on his arrest.
Mamaroneck Town police declined to offer further details because the investigation is ongoing.