Hedge Fund Manager Sends Investors An 'I'm Sorry' Letter For Losing All But $200,000 Of The Firm's Money

Hedge fund manager Owen Li sent a letter to his investors apologizing for losing all but $200,000 of the fund's capital by acting "overzealously," CNBC.com's Lawrence Delevingne reports.

Li, who previously worked at convicted insider trader Raj Rajaratnam's now-closed Galleon Group, is the founder of New York-based Canarsie Capital. According to CNBC, Canarsie once managed around $100 million in assets.

In the letter, Li told investors that he was "truly sorry."

"My only hope is that you understand that I acted in an attempt-however misguided-to generate higher returns for the fund and its investors. But even so, I acted overzealously, causing you devastating losses for which there is no excuse," Li wrote in the letter.

We also tried calling Canarsie's offices. No one answered.