Stevin Hoover
Encyclopedia
Stevin Ray Hoover 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.
Hoover is a former highly regarded Boston-based investment manager whose reputation as a registered investment advisor
was only tarnished after a prolonged investigation conducted by the Boston office of the United States Securities and Exchange Commission
and a subsequent referral to the Boston office of the U.S. District Attorney's Office. In part seeking to avoid the economic hardship from legal expenses associated with lengthy regulatory investigations, Hoover accepted a plea bargain. Many believe Hoover was innocent and was railroaded by a legal system in which the government has virtually limitless resources to trap both innocent and guilty targets. Prior to this legal turmoil, Hoover had a 26-year history in the investment business devoid of any legal or regulatory taint.
. He lived in Franklin until 1966, when he left for the Millard School, a preparatory school http://www.bandonhistoricalmuseum.org/millard/ located in Bandon, Oregon. The
Millard School is now defunct.
, 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
. 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.
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, and in 2008 Wachovia itself was acquired by Wells Fargo Bank N.A.
----
and entered a guilty plea on August 7, 2002, before Federal Judge Woodlock, Douglas Preston of the United States District Court for the District of Massachusetts to one count of violating Section 206 of the Investment Advisors Act of 1940. On October 31, 2002, he was sentenced to eighteen months in a federal minimum security prison-camp facility in Pensacola, Florida http://www.bop.gov/locations/institutions/pen/index.jsp, plus three years of supervised release. In April 2007, Hoover completed both the federal prison sentence and the required supervised release
Prior to his legal ordeal, Hoover had a 26-year history in the investment business devoid of any legal or regulatory taint.
tour. In October 2007 Hoover began regular postings to a blog in his name http://www.stevin-hoover.com, and the blog was active as of winter 2011.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
businessman, writer
Writer
A writer is a person who produces literature, such as novels, short stories, plays, screenplays, poetry, or other literary art. Skilled writers are able to use language to portray ideas and images....
, 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.
Hoover is a former highly regarded Boston-based investment manager whose reputation as a registered investment advisor
Registered Investment Advisor
The term Registered Investment Adviser is used to describe an Investment Adviser who is registered with the Securities and Exchange Commission or a state's securities agency. The term has been popularized due to its use within the Investment Advisers Act of 1940 and its association to the term...
was only tarnished after a prolonged investigation conducted by the Boston office of the United States Securities and Exchange Commission
United States Securities and Exchange Commission
The U.S. Securities and Exchange Commission is a federal agency which holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, the nation's stock and options exchanges, and other electronic securities markets in the United States...
and a subsequent referral to the Boston office of the U.S. District Attorney's Office. In part seeking to avoid the economic hardship from legal expenses associated with lengthy regulatory investigations, Hoover accepted a plea bargain. Many believe Hoover was innocent and was railroaded by a legal system in which the government has virtually limitless resources to trap both innocent and guilty targets. Prior to this legal turmoil, Hoover had a 26-year history in the investment business devoid of any legal or regulatory taint.
Early years
Stevin Hoover was born in 1948 in Franklin, Pennsylvania, (population 7,300) located in Venango County http://www.co.venango.pa.us/home/index.htm in northwestern PennsylvaniaPennsylvania
The Commonwealth of Pennsylvania is a U.S. state that is located in the Northeastern and Mid-Atlantic regions of the United States. The state borders Delaware and Maryland to the south, West Virginia to the southwest, Ohio to the west, New York and Ontario, Canada, to the north, and New Jersey to...
. He lived in Franklin until 1966, when he left for the Millard School, a preparatory school http://www.bandonhistoricalmuseum.org/millard/ 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, OregonBandon, Oregon
- Economy :Like many communities on the Oregon coast, Bandon had significant fishing and timber industries, which were greatly diminished by the 1980s, though some remnants still exist. Bandon's current economy revolves around wood products, fishing, tourism, and agriculture...
, which prepared him for entering the United States Air Force Academy
United States Air Force Academy
The United States Air Force Academy is an accredited college for the undergraduate education of officer candidates for the United States Air Force. Its campus is located immediately north of Colorado Springs in El Paso County, Colorado, United States...
, where he was a cadet
Cadet
A cadet is a trainee to become an officer in the military, often a person who is a junior trainee. The term comes from the term "cadet" for younger sons of a noble family.- Military context :...
from 1967 to 1969. He graduated from the University of Texas at Austin
University of Texas at Austin
The University of Texas at Austin is a state research university located in Austin, Texas, USA, and is the flagship institution of the The University of Texas System. Founded in 1883, its campus is located approximately from the Texas State Capitol in Austin...
, where he received his BA in 1972 with concentrations in the classics
The Classics
The Classics was an American vocal group formed in 1958 in Brooklyn.The Classics first sang together in high school; two of them had previously sung in a group called The Del-Rays. In 1959, under the auspices of manager Jim Gribble, they recorded their first single, "Cinderella"; the record Bubbled...
and philosophy
Philosophy
Philosophy is the study of general and fundamental problems, such as those connected with existence, knowledge, values, reason, mind, and language. Philosophy is distinguished from other ways of addressing such problems by its critical, generally systematic approach and its reliance on rational...
. Between 1973 and 1975, he studied German philosophy and language at the Universitaet Hamburg. He attended Boston University School of Management
Boston University School of Management
The Boston University School of Management is the business school at Boston University in Boston. Founded in 1913 as the College of Business Administration, the school offers undergraduate and graduate programs....
, where he received his MBA in 1990.
Career
Hoover practiced an investment approach best described as "concentrated value."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.
Bache & Co.
Bache & Company was a securities deim that provided stock brokerage and investment banking services. The firm, which was founded in 1879, was based in New York, New York....
, 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
Prudential Financial
The Prudential Insurance Company of America , also known as Prudential Financial, Inc., is a Fortune Global 500 and Fortune 500 company whose subsidiaries provide insurance, investment management, and other financial products and services to both retail and institutional customers throughout the...
in 1981 and became known as Prudential Bache Securities, Inc., later renamed simply Prudential Securities, Inc. Wachovia
Wachovia
Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo in 2008, Wachovia was the fourth-largest bank holding company in the United States based on total assets...
acquired Prudential Securities, Inc., in 2003, and in 2008 Wachovia itself was acquired by Wells Fargo Bank N.A.
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Regulatory Matters
The Boston office of the Securities and Exchange Commission (SEC) began investigating Hoover in 1998. The SEC filed civil charges against HCM and Hoover years later. On April 24, 2002, the SEC added Chestnut Management LLC, manager of the Chestnut Fund LP, as a defendant. By July 2002, Hoover accepted a plea bargainPlea bargain
A plea bargain is an agreement in a criminal case whereby the prosecutor offers the defendant the opportunity to plead guilty, usually to a lesser charge or to the original criminal charge with a recommendation of a lighter than the maximum sentence.A plea bargain allows criminal defendants to...
and entered a guilty plea on August 7, 2002, before Federal Judge Woodlock, Douglas Preston of the United States District Court for the District of Massachusetts to one count of violating Section 206 of the Investment Advisors Act of 1940. On October 31, 2002, he was sentenced to eighteen months in a federal minimum security prison-camp facility in Pensacola, Florida http://www.bop.gov/locations/institutions/pen/index.jsp, plus three years of supervised release. In April 2007, Hoover completed both the federal prison sentence and the required supervised release
Prior to his legal ordeal, Hoover had a 26-year history in the investment business devoid of any legal or regulatory taint.
Current Activities
Between May 2008 and May 2010, Hoover divided his time between Ponte Vedra Beach http://www.pontevedrachamber.org, Florida, and Mississippi. Ponte Vedra Beach is best known as being the location of the Players Golf Championship at Sawgrass http://www.tpc.com/sawgrass, the annual U.S. golf tournament with the largest purse on the Professional Golfers AssociationProfessional Golfers Association
Professional Golfers' Association, , is the usual term for a professional association in men's golf. It is often abbreviated to PGA...
tour. In October 2007 Hoover began regular postings to a blog in his name http://www.stevin-hoover.com, and the blog was active as of winter 2011.