College Hedge Fund Scammer’s Mom To Be Sentenced

Mar 19 2007 | 10:35am ET

Ayferafet Yalincak, the mother (and co-conspirator) of the New York University student who ran a multi-million dollar hedge fund scam, faces the music today in a New Haven, Conn., federal courtroom, where she’ll be sentenced for her role in the con.

Yalincak pleaded guilty last year to conspiracy to commit wire fraud, and faces about four years in prison. Her son, the now-22-year-old Hakan, will be sentenced later this month, and he could be going to the clink for more than five years.

Following their release from prison, both Yalincaks face another ordeal: possible deportation to Turkey, where Ayferafet’s scheme to ingratiate herself among Greenwich, Conn.’s heavy-hitters is unlikely to be as successful: Prosecutors say she passed herself off as the matriarch of a rich Turkish family.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…