Owen Li, founder of Canarsie Capital in NYC, wrote a letter to investors saying he was “truly sorry.” Why? The firm now holds about $200,000 in assets. In March it had about $100 million. That’s a bad streak, as investing goes. Li wrote that he takes “responsibility for this terrible outcome,” CNBC reports. Li confesses that he made “aggressive transactions” and acted “overzealously.”
Canarsie was formed in 2012, according to SEC documents. Good news is that, according to the same SEC filing, Canarsie’s “minimum investment accepted” was $1,000,000. So Li could have screwed, at most, 100 investors.