Wednesday, 1 October 2014
Last updated 3 hours ago
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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...