Hedge Fund Scam Artist to be Deported
Sunday, January 20, 2008 : PermalinkWest Palm Beach (HedgeCo.Net) Ayferefat Yalincak, also known as "Jackie Yalincak," and "Irene Kelly," age 50, has been ordered deported to her native Turkey. Her son, Hakan Yalincak, also known as "Hagen Yalincak," age 21, also a Turkish citizen, may also be deported after he completes his 31/2 year sentance, according to officials.
The mother and son team were charged in March of 2007 with operating a multi-million dollar investment hedge fund fraud scheme. According to documents filed with the Court and statements made in court, Ayferefat Yalincak and Hakan Yalincak solicited approximately $7 million from several investors for their fake hedge fund.
The conspiracy charge carried a maximum term of imprisonment of five years and a fine of up to $250,000. She completed her prison term in November after getting credit for serving more than 14 months in prison before her sentencing. She is now in the custody of federal immigration officials.
Prosecutors say Hakan Yalincak charmed his way into the exclusive world of Greenwich high finance by posing as an heir to a wealthy Turkish family. He moved counterfeit checks and brokered deals with a Kuwaiti financier. Ayferefet Yalincak told a federal judge last year that she attended meetings with investors and allowed her son to present her as a member of an exceedingly wealthy Turkish family who was going to invest millions in his hedge fund.
Prosecutors say Ayferefet Yalincak was responsible for an intended loss of $5.3 million and an actual loss of $3.9 million after some of the money was returned to investors.
Alex Akesson
Editor for HedgeCo.Net
Email: alex@hedgeco.net
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