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'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. 

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