World Library  
Flag as Inappropriate
Email this Article

Stevin Hoover

Article Id: WHEBN0003032084
Reproduction Date:

Title: Stevin Hoover  
Author: World Heritage Encyclopedia
Language: English
Subject: Articles for deletion/Frederick S. Mates, Hoover, Shauna Howe, Franklin Silver Cornet Band, Dave Smalley (pop musician)
Collection:
Publisher: World Heritage Encyclopedia
Publication
Date:
 

Stevin Hoover

Stevin Ray Hoover (born October 10, 1948) is an American businessman, writer, philosopher, and former investment manager who wrote a Young Adult/Middle Grade novel entitled THE HANNAH CHRONICLES that was published in 2010. Prior to becoming a full-time writer, Hoover, in 1989, founded Hoover Capital Management, Inc., a well respected investment management firm where he was CEO from 1989 to 2002. He also founded and ran the Chestnut Fund LP, a small investment partnership which acted as legal device and mechanism to defraud a number of his clients.[1]

Hoover was a highly regarded Boston-based investment manager whose reputation[2] as a registered investment advisor was enhanced by the respect of other prominent investment advisors such as Peter Lynch. Hoover had a 26-year history in the investment business devoid of any legal or regulatory taint,[3] but fell from grace after he was prosecuted in federal court during and censured from the investment advisory industry for missappropriating $3 million in client funds.[4]

Contents

  • Biography 1
    • Early years 1.1
    • Education 1.2
    • Career and family 1.3
    • Federal Prosecution & Jail Time 1.4
  • Current activities 2
  • References 3
  • External links 4

Biography

Early years

Stevin Hoover was born in 1948 in Franklin, Pennsylvania, (population 7,300) located in Venango County [1] in northwestern Pennsylvania. He lived in Franklin until 1966, when he left for the Millard School, a preparatory school [2] located in Bandon, Oregon. The Millard School is now defunct.

Education

Hoover attended Franklin Area High School in Franklin, Pennsylvania, and the Millard School in Bandon, Oregon, which prepared him for entering the United States Air Force Academy, where he was a cadet from 1967 to 1969. He graduated from the University of Texas at Austin, where he received his BA in 1972 with concentrations in the classics and philosophy.[5] Between 1973 and 1975, he studied German philosophy and language at the Universitaet Hamburg. He attended Boston University School of Management, where he received his MBA in 1990.

Career and family

Hoover practiced an investment approach best described as "concentrated value."[6][7][8][9][10][11][12]

In 1998, Hoover married a Mississippi native and they have one daughter, born December 2, 1999.

Before launching Hoover Capital Management in 1989, Hoover spent four years as a stockbroker in Germany, where he was a registered representative in the Hamburg, Germany, office of United States stock brokerage company Bache & Co., known in Germany as Bache Halsey Stuart Shields Model & Roland GmbH. This was followed by 11 years as a registered representative in Bache's Boston office. Bache & Co was acquired by Prudential Financial in 1981 and became known as Prudential Bache Securities, Inc., later renamed simply Prudential Securities, Inc. Wachovia acquired Prudential Securities, Inc., in 2003.

Federal Prosecution & Jail Time

Upon relocation to Kansas City in 2000, Hoover hired a completely new staff in order to continue business as an investment advisor. This was ultimately his downfall. In the weeks immediately following the 9/11 attacks, a key employee charged with maintaining mission critical data and software was asked directly by Hoover to perform an illegal wire transfer from the Chestnut Fund to Hoover's landlord at the time, Nick Lowery, former Kansas City Chief's place kicker and 2007 NFL Hall of Fame nominee.

This unlawful request converted the employee's existing suspicion of illegal activity within the Chestnut Fund to mandatory action, compelling him to turn over to the SEC damning evidence of questionable accounting irregularities discovered on the books of the Chestnut Fund dating back to its inception.[13] As a result of the whistleblowing of the employee, Hoover Capital Management and the Chestnut Fund were forced to quit operations during the subsequent enforcement action in December 2001.[14]

After a short trial in 2002, Hoover was sentenced to serve 18 months in a white-collar 'resort' penitentiary at

  • Stevin Hoover blog
  • Bikram Yoga main website
  • Bikram Yoga Jacksonville Beach, Yoga Article by Stevin Hoover

External links

  1. ^ https://www.sec.gov/litigation/admin/ia-2112.htm
  2. ^ Best of the Best by Peter Lynch WORTH Magazine March 1998 pp. 66–74
  3. ^ http://www.sec.gov/news/digest/08-08.txt
  4. ^ https://www.sec.gov/litigation/litreleases/lr17666.htm
  5. ^ University of Texas at Austin transcripts (512) 475-7689
  6. ^ THE INVESTMENT PHILOSOPHY OF HOOVER CAPITAL MANAGEMENT, As Expressed in Stevin R. Hoover's MEMOS TO CLIENTS from May 1988 to January 1996
  7. ^ WORTH Magazine, March 1998; "Best of the Best" by Peter Lynch, pp. 66–74
  8. ^ Wall Street Journal, Wednesday, March 31, 1999. Heard in New England, "Buffett Dips into MGI Again, But Now Some Pros Like His Idea."
  9. ^ WORTH Magazine, February 1999; "Peter Lynch & Company" by Peter Lynch, pp. 82–92.
  10. ^ WORTH Magazine, April 2000; "14 Hot Stocks From Peter Lynch and Friends" by Peter Lynch, pp.117–129.
  11. ^ Securities and Exchange Commission Form ADV, Hoover Capital Management, Inc
  12. ^ Company Updates, Hoover Capital Management Inc., February 1999, 67 pages.
  13. ^ https://www.sec.gov/litigation/complaints/complr17240.htm#statement
  14. ^ https://www.sec.gov/litigation/complaints/amendedcomplr17240.htm
  15. ^ https://www.sec.gov/news/digest/dig022703.txt
  16. ^ https://www.sec.gov/rules/final/ia-2333.htm

References

Between May 2008 and May 2010, Hoover divided his time between Ponte Vedra Beach [3], Florida, Mobile, Alabama, and Mississippi. Ponte Vedra Beach is best known as being the location of the Players Golf Championship at Sawgrass [4], the annual U.S. golf tournament with the largest purse on the Professional Golfers Association tour. In October 2007 Hoover began regular postings to a blog in his name [5], and the blog was active as of the summer of 2012. He practices Bikram Hot Yoga.

Current activities

An analysis of Hoover's scienter and illegal activities was showcased by the U.S. Securities and Exchange Commission while enacting changes to rules governing private investment vehicles in 2004.[16]

[15]

This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and USA.gov, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for USA.gov and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
 
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
 
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.
 


Copyright © World Library Foundation. All rights reserved. eBooks from Project Gutenberg are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.