By Svea Herbst-Bayliss
BOSTON (Reuters) – Hedge fund manager Sahm Adrangi, known for his big, winning bets against Chinese companies, was arrested on suspicion of impaired driving after crashing his car in the Hamptons on Long Island, New York, during the weekend, police said on Monday.
Adrangi, 35, was charged with speeding, driving under the influence and a lane change violation, East Hampton police said. He was driving on Montauk Highway early Saturday morning when his 2015 BMW convertible and another vehicle collided.
Adrangi, who manages $350 million for wealthy investors, was not injured. The driver of the other vehicle suffered injuries, police said. Adrangi appeared in court Saturday morning, but deferred his arraignment until early next month.
He was released from custody after he posted $1,000 bail. Adrangi declined to comment on Monday.
Kerrisdale Capital Management made a splash right from the start, delivering double-digit returns ever since its launch in 2009. In 2011, the fund returned 201.2 percent.
But this year has been tougher. Adrangi has told investors that his fund is down 8 percent through the end of July. Dish is up about 15 percent in the past three months, hurting Adrangi’s short bet.
Kerrisdale is best known for its bets against telecommunications companies such as Globalstar Inc and the 200 percent return he delivered five years ago.
However, earlier this year Kerrisdale took a short position against direct broadcast service provider DISH Network Co., a bet that has not worked so far and has weighed on performance, leaving the fund on track to post its first-ever loss.
While the fund is relatively small, Adrangi and Kerrisdale often publicize their bets, relying on Twitter to get the word out.
(Additional reporting by Lawrence Delevingne; Editing by Bill Trott)