Friday, June 09, 2006

AN AMBITIOUS FRAUD --
Twenty-one-year-old Hakan [Yalincak] is the New York University senior the government calls an “economic danger to the community.” The threat, in the government’s view, is that Hakan is intent on getting his hands on other people’s money. To start, there’s the counterfeit $25 million check he tried to cash, which led the U.S. Attorney in Connecticut to charge him with bank fraud. (With transfers, the government says he tried to get $43 million.) The government has also targeted the hedge fund he began as a college junior. There was real money in the hedge fund. Hakan, with [his mother] Jackie’s help, raised $7.4 million from sophisticated investors. Plus, there’s his suspicious $1.25 million gift to NYU—where did that money come from?
Wow. See Dealbreaker; WCC Prof Blog. See also DOJ; AP.