Seth Klarman Charged With Third-Degree Aggravated Unlicensed Operation [UPDATED]VW Staff
UPDATE: See end of story for statement from Baupost.
Seth Klarman, 58, of Boston, Mass., was arrested July 25 and charged with third-degree aggravated unlicensed operation, a misdemeanor. Klarman was arrested at 11:11 a.m. after being involved in a two-car property damage accident on South Browadway, according to a police report., according to The Saratogian
The description would appear to match the famous hedge fund manager, who likely was in the area of Saratoga New York forgiven during the horse races. It would seem the odds are pretty high it was the famous value investor, based on the profile information and given his love of horse racing. According to WhitePages, there is only one Seth Klarman in the Boston area.
The offence is extremely minor. According to a New York traffic attorney:
Aggravated unlicensed operation is when a motorist was previously issued a NY license or otherwise had privileges to drive in New York State and then something happened whereby their license or privilege to operate a motor vehicle was suspended or revoked. Notwithstanding the NY suspension or revocation, the motorists continued to drive. The charge, New York Vehicle and Traffic Law VTL § 511, AUO, is a criminal misdemeanor. This is distinct from unlicensed operation where the person just does not have a license. That charge would be the non-criminal infraction of unlicensed operation, NY VTL § 509. While unlicensed operation it is a big problem for the insurance implications, it is not a criminal case.
AUO 3rd Degree: NY VTL § 511(1)(a): A misdemeanor which carries a fine and surcharge of over $500.00, jail of up to 30 days, and probation.
The Saratoga Police Department did not immediately respond to a request for comment.
UPDATE: Baupost told ValueWalk that the original “offense” was related to a dated traffic violation (specifically, a speeding ticket that had been paid) and the police had incorrect address information. All of the issues have now been resolved.