Twenty-one year-old Hakan Yalincak pleaded guilty to fraud in June.
While a student at New York University, Yalincak, with the help of his mother, raised $7.4 million from high net-worth individuals to invest in a non-existent hedge fund called Daedalus Capital Relative Fund. The money was spent on a Porsche, expensive jewellery and a $1.5 million donation to the university designed to convince investors that the Yalincaks were trustworthy.
