Pennsylvania charity claims $2M mismanaged by Long Island fund - New York News

Charity claims $2M mismanaged by Long Island fund

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PITTSBURGH (AP) - A Pittsburgh charity says a Long Island money manager who works out of the basement of a Hooters restaurant misused $2 million of its money.

The Claude Worthington Benedum Foundation's federal lawsuit says Fursa Alternative Strategies bought an investment fund Benedum had invested in then reported steep losses and cut off contact after promising to return whatever was left.

Benedum says it invested $2 million in a Mellon Holdings LLC fund in 2004, then saw it bought by fund manager William Francis Harley III after he left Mellon. Benedum says Harley claimed the investment had grown to $2.5 million by the end of 2007 but dropped to about $300,000 three months later.

The suit says Fursa operates out of Hooters basement in Lynbrook, N.Y. and possess large holdings in Fredrick's of Hollywood stock. An email to Fursa's attorney wasn't immediately returned.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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