Younger Yalincak Gets 3½ Years For ‘Significant Errors’

Apr 12 2007 | 10:17am ET

Convicted felons find all sorts of new revelations in prison and U.S. District Court Judge Janet Bond Arterton expects one young hedge fund fraudster to find his “moral compass.”

The (hopefully) final act in the scandal played itself out yesterday in a New Haven, Conn., courtroom, where 22-year-old Hakan Yalincak, who at the time of his arrest was a student at New York University, acknowledged his leading role in the fraud. He pleaded guilty to mail and bank fraud last year.

“I made significant errors of judgment,” he said, before Arterton sentenced him to 3½ years in prison (he has already served 20 months). “If I could go back and take back what I’ve done, I’d do it in a heartbeat.”

But, of course, he can’t undo the multi-million dollar scam, which involved scheming his way into the orbit of Greenwich’s rich and famous posing as a Turkish heir, and so it’s back to the pokey with him on May 8. Arterton also ordered Yalincak to pay some $4.18 million in restitution.

His mother, Ayferafet, who claimed she was “bent to the will” of her son in abetting his crimes, was sentenced to two years in prison last month.

After their releases, the Yalincaks face possible deportation to—you guessed it—Turkey.

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