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June 08, 2006
New York University Student Indicted in $7 Million Hedge Fund Scam
In yet another case of hedge fund scam, a former New York University student pleaded guilty to bank and wire fraud. He admitted of forging documents by using his student ID to pose as the heir to a billionaire Turkish family. He used this trick to convince investors into pouring millions into a non-existent hedge fund. The guy Hakan Yalincak, 22 entered into Greenwich High Finance and brokered deals with a Kuwaiti financier using the forged documents. According to hedge fund analysts, Yalincak's fund was not a legitimate investment and investors lost more than $7 million in this fraud. Ironically, Yalincak donated $1.25 million to New York University.
The donation to New York University was used to reassure worried investors that Yalincak's fund was a real one and it could be trusted. It is strange that his family was also involved in the scam. The Kuwaiti businessman told the FBI that Yalincak's mother claimed to be part of one of the world's rich families. The money shown by Yalincak in his account belonged to the investors. Chron has published an article on the Same Topic.
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