Yalincak’s OD Delays Lockup

May 9 2007 | 11:05am ET

The prison-avoidance saga of hedge fund fraudster Hakan Yalincak continues, and this time, we can be sure he’s not crying wolf. What else we can be sure of is unclear.

In any event, Yalincak, who pleaded guilty to bank and mail fraud last year, has managed to keep himself out of jail once again after he was admitted to a hospital as a result of an apparent drug overdose, but his time as a free man looks to be drawing short.

Judge Joan Margolis, who days earlier had quashed his bid to stay out of the clink for another month after Yalincak claimed to have suffered from droopy eye and a stroke, seems to be growing tired of Yalincak’s antics: She ordered federal marshals to take the hospitalized 22-year-old into custody and to ship him straight to prison when doctors release him from St. Francis Medical Center in Hartford, Conn. He was scheduled to begin serving the remainder of three-and-a-half year sentence this week.

According to court papers, Yalincak was admitted to St. Francis on Monday after overdosing on an unidentified medication or medications. It is unclear whether the overdose was intentional or not.

Yalincak and his mother, Ayferafet, ran a hedge fund scam designed to separate the Greenwich elite from their money. Yalincak, who was a student at New York University at the time, posed as a Turkish heir.

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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…