Another convicted hedge fund fraudster is back in the news, having filed a lawsuit against his alma mater for his university degree.
You may remember Hakan Yalincak and his fictitious Daedalus Capital Relative Value Fund; back in 2005 he pleaded guilty to one count of bank fraud and one count of wire fraud after he and his mother, Ayfer Yalincak (also known as "Jackie Yalincak," also known as "Ayferefat Yalincak," also known as "Ayfer Elgezdi Yalincak," also known as "Irene Kelly,"- ed. I love that part!) were indicted for fraudulently soliciting more than $7 million from investors.
Yalincak’s move to get his degree transcends pathetic to achieve the sublime for several reasons.
1. According to the news story, he didn’t actually earn the degree, having failed several classes and falling short of the required number of credits;
2. he is petitioning the New York University to raise failing grades so he would have enough credits;
3. NYU has been tangled in lawsuits over the return of Yalincak’s gift of $1.25 million to the university, which was proven to come from his ill gotten gains. Yalincak had pledged $21 million to the university, which named a lecture hall after his family.
Yalincak has been incarcerated since his arrest in April 2005. He received a sentence of 42 month, plus five years of probation and was ordered to pay more than $4 million in restitution.