Hedge Fund Fraudster’s Mother Ordered Deported

Jan 21 2008 | 8:30am ET

Ayferafet Yalincak, who helped her son scam the Greenwich, Conn., elite out of millions in a phony hedge fund scheme, has been ordered to be deported to her native Turkey.

Yalincak, who was sentenced to two years in prison for her role in the scam, received the order at a hearing on Wednesday in Hartford, Conn., the U.S. Justice Department’s immigration review office said. She has 30 days to appeal.

Yalincak was released from prison in November after being credited with serving more than 14 months prior to sentencing. She had been in the custody of U.S. immigration officials since.

She pleaded guilty in 2006 to conspiracy to commit wire fraud. She and her son, Hakan, then a student at New York University, convinced investors to pour millions into a non-existent hedge fund, with Hakan posing as a wealthy Turkish heir to gain entrée to Greenwich’s monied circles. He is currently serving a 3½-year sentence, and faces deportation when he is released in September.

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