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FM Market round-up: My son the fradulent hedge fund manager

by Helen Avery

Twenty-one year-old Hakan Yalincak pleaded guilty to fraud after raising $7.4 million to invest in a non-existent hedge fund.

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.

EuromoneyFXNews.com

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