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From Hedge Fund To Jail: Mamaroneck Resident Recalls It All In New Book

Mamaroneck resident Michael Kimelman, author of "Confessions of a Wall Street Insider."
Mamaroneck resident Michael Kimelman, author of "Confessions of a Wall Street Insider." Photo Credit: Submitted
"Confessions of a Wall Street Insider" is written by a former Mamaroneck hedge-funder.
"Confessions of a Wall Street Insider" is written by a former Mamaroneck hedge-funder. Photo Credit: Submitted

MAMARONECK, N.Y. -- Michael Kimelman's life of late sounds like something out of Showtime's "Billions."

The Mamaroneck resident, the co-founder of a hedge fund, had what looked like the perfect life: vacations abroad, late night cocktails with business leaders and celebrities, a nice house in Larchmont, a busy family life and weekends full of community activities.

But it all came crashing down in the wee hours of November 5, 2009, when the Feds kicked in his door—almost taking the door off its hinges. While his wife and children were sequestered to a bedroom, Kimelman was handcuffed and marched off in embarrassment in plain view of his neighbors, and TV crews who had been alerted in advance.

He was arrested as part of a huge insider trading case, and while he was offered a “sweetheart” no-jail probation plea, he refused, maintaining his innocence.

Kimelman went to trial, was convicted and sentenced to 30 months.

Now the former inmate at Pennsylvania's Lewisburg Penitentiary -- he served two years there -- has written a book: "Confessions of a Wall Street Insider" which includes reflections on his experiences before incarceration, rubbing elbows with financial titans and major figures in sports and entertainment including Leonardo DiCaprio, Alex Rodriguez, Ben Bernanke, and Alan Greenspan.

As the Founder and Managing Partner of Incremental Capital, a New York-based hedge fund which closed shortly after his arrest, he admits he spent a lot of time making and losing hundreds of thousands of dollars in daily gambles on the Street, getting involved with the wrong people (who eventually turned on him) only to realize that none of that mattered in the end.

In prison there is a very common refrain, “That everything happens for a reason," he said. "I don’t believe that, but I do believe that everything that happens provides an opportunity.

"My opportunity is to be a better father, son, brother and friend and to work hard towards making a positive difference in my small corner of the world."

Now divorced, the serial entrepreneur is currently consulting and launching new ventures in the real estate, cannabis and entertainment spaces. He also actively volunteers his time to several causes, including prison and education reform.

He will be speaking about his book, which came out in March, on Sunday, May 7 at 4 p.m. at Larchmont's Village Center (reception at 3:30 p.m.) in an event sponsored by Larchmont Library. More information HERE .

Go to www.michaelkimelman.com for further details.

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