Wow..........Is this a true stat? Now with people like Jim Cramer on mad money trying to advise mom and pop investor to hold a position for two days and dump it.:eek: Are investors a thing of the past?
The 8,001th: Q NYU student defrauded investors saying he ran a hedge fund - From Hedgefund.net HedgeFund.net, reports Hakan Yalincak a New York University Student who allegedly deposited $43 million in fraudulent checks, also talked investors into placing $2.8 million in a bogus hedge fund. The 21-year-old mathematics major, is being sued by two Connecticut investors, Joseph Healey and Arthur Cohen for defrauding them into believing he ran a hedge fund. Yalincak claimed to have managed the Daedalus Capital Relative Value Fund, which he said had assets in Switzerland and the Cayman Islands. Court documents say Yalincak and a partner actually spent the money on a new Porsche among other things. UQ