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Yale Alum, 21, Accused Of Running Hedge Fund Scam By Sec

by bloomberg.com posted 4months ago 23 views
Omar Zaki, 21, ran a hedge fund while enrolled at the Ivy League university, saying his firm relied on an algorithm that had produced eye-popping returns over a 10-year period, according to the Securities and Exchange Commission. The misrepresentation is one of many that Zaki allegedly made to investors, the SEC said in a Monday complaint. In reality, the fund never used the algorithm, misled investors about how much money it managed and wrongly reported returns in excess of 80 percent from December 2016 through early March 2017, according to the SEC.

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