A Greenwich, Conn., mortgage broker admitted that she helped her college-age son recruit investors in a multimillion-dollar hedge fund scam but said she really believed he was a savvy money manager. Ayferafet Yalincak told a federal judge that she attended meetings with investors and allowed her son Hakan, a former New York University student, to present her as a member of a wealthy Turkish family who was going to invest millions in his hedge fund. Prosecutors said the scheme cost investors millions.
July 17, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A Greenwich, Conn., mortgage broker admitted that she helped her college-age son recruit investors in a multimillion-dollar hedge fund scam but said she really believed he was a savvy money manager.
Ayferafet Yalincak, 51, pleaded guilty to conspiracy to commit wire fraud, a charge that could send her to prison for up to five years. Her 22-year-old son, Hakan, has pleaded guilty to bank fraud and wire fraud and faces up to 50 years in prison for managing the scheme.
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