A Yale student who allegedly duped investors out of millions with a fraudulent hedge fund is now barred from the industry

📆 2/4/2562 23:00:00
📰 BusinessInsider

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Student days are usually spent studying hard or partying hard but in the case of Omar Zaki his college days were spent allegedly defrauding investors.

The graduate, from New York, claimed his fund relied on an algorithm to manage funds of $3 million. The SEC says none of that was true.

Zaki, who did not admit or deny the SEC's findings, did not immediately reply to a request for comment. So says the Securities and Exchange Commission which has fined the former Yale student $25,000, to be paid in installments over three years.to a filing by the SEC. Between January 2017 and February 2018 Zaki raised $1.7 million from investors touting a fund which had 80% returns in the biotech space in a portfolio. The fund claimed to have a trading history from December 2016 to April 2017 but in fact did not commence trading until June 2017, the SEC said.

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