Hedge Fund Fraudsters Leave Mark In NYU Lecture Hall

Oct 9 2007 | 12:02pm ET

When convicted hedge fund fraudsters Hakan Yalincak and his mother, Ayferafet, promised New York University $21 million, NYU gratefully named a lecture hall after them.

It seems NYU failed to consider the possibility that it would have to undo that.

More than a year after the Yalincaks plead guilty to mail and bank fraud, and five months after Hakan was finally shipped to prison to serve his 42-month sentence (after a claimed stroke and drug overdose failed to convince a judge to push back his pokey-reporting date), NYU students still take classes at the Yalincak Family Foundation Lecture Hall. Visitors to NYU’s Greenwich Village campus can take a gander at the fruits of hedge fund fraud etched in a window along West Fourth Street. The name is also bolted onto a wall inside the lecture hall. And there, NYU says, lies the problem.

The university, which returned $1.05 million of the $1.25 million the Yalincaks actually gave, says that it hasn’t figured out how to remove the interior letters without leaving permanent marks on the wall, nor has it determined how to seamlessly remove the Yalincak window, according to the school’s student newspaper, the Washington Square News.

NYU kept $200,000 to offset “costs incurred by this fraudulent gift,” costs which apparently do not include removing or replacing the signs.

Hakan Yalincak, an NYU student at the time of his arrest, posed as a Turkish heir to gain access to the well-heeled circles of Greenwich, Conn., to bilk investors in his hedge fund scam.


In Depth

Whisky Business: The Ultimate Liquid Alternative Investment

Sep 15 2014 | 7:02am ET

David Robertson knows his single-malt whisky—he was the Master Distiller at the...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

Volkered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds

Sep 16 2014 | 11:28am ET

New regulations have dramatically curtailed proprietary trading activity in investment...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.