Former NYU student sentenced to 3 years for hedge-fund scheme

A former New York University student was sentenced to three years in prison, after attracting nearly $9 million from Fairfield County residents for a phony hedge fund.

Judge Janet Bond Arterton of the U.S. District Court in New Haven ordered Hakan Yalincak to reimburse his victims $4.2 million, representing the unpaid balance he bilked. He has already been jailed 20 months, and faces possible deportation to Turkey when he is released from prison.

Yalincak perpetuated the fraud by posing as a wealthy Turkish heir, and promising a $21 million donation to NYU.