Thursday, 2 October 2014
Last updated 6 min ago
Jun 30 2008 | 10:14am ET
If New York University thought it had put its involvement with hedge fund fraudster Hakan Yalincak behind it, it was sorely mistaken.
Yalincak, the former NYU undergraduate arrested days before his scheduled graduation from the school in 2005, says NYU administrators reneged on pledges to fix errors that caused him to lose credit for a biology class and an algebra class. He has sued the school in federal court, asking it to raise Fs in those classes to passing grades so that he will have enough credits to graduate with a history degree.
According to Yalincak’s suit, NYU has engaged in a “planned program of harassment and occasionally threats, accompanied by vindictiveness, taunting and derision.” As part of his hedge fund fraud, Yalincak, now 24 and serving out his three-and-a-half year sentence in a North Carolina jail, promised NYU a $21 million donation, getting his family’s name on a prominent lecture hall.
He only made good on $1.25 million of the gift before his arrest. NYU has since removed the Yalincak name from the lecture hall, and returned all but $200,000 of the tainted money.
Yalincak and his mother, Ayferafet, convinced investors to pour millions into the non-existent (and aptly-named) Daedelus Capital Relative Value Fund, with Hakan posing as a wealthy Turkish heir to gain entrée to Greenwich’s monied circles. He faces deportation when he is released in September.
Oct 2 2014 | 9:16am ET
Gregory Barrett is a principal at Dyal Capital Partners, which takes minority equity stakes in established hedge fund managers—those with assets under management of $1.5 billion to $6 billion. 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...