Stevin Hoover
| Stevin Hoover | |
|---|---|
| Born | October 10, 1948 Franklin, Pennsylvania |
| Occupation | writer |
| Children | One daughter, Hannah Kathleen Hoover, b. 2 Dec 1999 |
| Parents | Russell Henry Hoover (d.1979), Audine K. (nee Perry) Hoover (b. 1926 -) |
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.
Hoover is a former highly regarded Boston-based investment manager whose reputation [1] 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.[2]
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[edit] Biography
[edit] 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.
[edit] 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.[3] 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.
[edit] Career
Hoover practiced an investment approach best described as "concentrated value."[4][5][6][7][8][9][10]
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.
[edit] 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 bargain 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 [3], plus three years of supervised release. In April 2007, Hoover completed both the federal prison sentence and the required supervised release[11]
Prior to his legal ordeal, Hoover had a 26-year history in the investment business devoid of any legal or regulatory taint.[12]
[edit] Current Activities
Between May 2008 and May 2010, Hoover divided his time between Ponte Vedra Beach [4], Florida, and Mississippi. Ponte Vedra Beach is best known as being the location of the Players Golf Championship at Sawgrass [5], 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 [6], and the blog was active as of winter 2011.
[edit] References
- ^ Best of the Best by Peter Lynch WORTH Magazine March 1998 pp. 66-74
- ^ http://www.sec.gov/news/digest/08-08.txt
- ^ University of Texas at Austin transcripts (512) 475-7689
- ^ THE INVESTMENT PHILOSOPHY OF HOOVER CAPITAL MANAGEMENT, As Expressed In Stevin R. Hoover's MEMOS TO CLIENTS from May 1988 to January 1996
- ^ WORTH Magazine, March 1998; "Best of the Best" by Peter Lynch, pp. 66-74
- ^ Wall Street Journal, Wednesday, March 31, 1999. Heard In New England, "Buffett Dips Into MGI Again, But Now Some Pros Like His Idea."
- ^ WORTH Magazine, February 1999; "Peter Lynch & Company" by Peter Lynch, pp. 82-92.
- ^ WORTH Magazine, April 2000; "14 Hot Stocks From Peter Lynch and Friends" by Peter Lynch, pp.117-129.
- ^ Securities and Exchange Commission Form ADV, Hoover Capital Management, Inc
- ^ Company Updates, Hoover Capital Management Inc., February 1999, 67 pages.
- ^ United States Probation Office release letter dated May 2, 2007, announcing termination of Hoover's supervised release as of April 21, 2007.
- ^ http://www.sec.gov/news/digest/08-08.txt
[edit] External links
- Stevin Hoover Re-Entry Success Story
- Federal Bureau of Prisons Stevin Hoover
- Judge Douglas P. Woodlock and the John Joseph Moakley United States Courthouse
- Stevin Hoover blog
- Bikram Yoga main website
- Bikram Yoga Jacksonville Beach, Yoga Article by Stevin Hoover
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