Hedge fund manager Owen Li sent a letter to his investors apologizing for losing all but $US200,000 of the fund’s capital by acting “overzealously,” CNBC.com’s Lawrence Delevingne reports.
Li, who previously worked at convicted insider trader Raj Rajaratnam’s now-closed Galleon Group, is the founder of New York-based Canarsie Capital. According to CNBC, Canarsie once managed around $US100 million in assets.
In the letter, Li told investors that he was “truly sorry.”
“My only hope is that you understand that I acted in an attempt — however misguided — to generate higher returns for the fund and its investors. But even so, I acted overzealously, causing you devastating losses for which there is no excuse,” Li wrote in the letter.
We also tried calling Canarsie’s offices. No one answered.