John Sahenk, the alias of former New York University student Hakan Yalincak, cost investors more than $7 million in a fake hedge fund scheme. The FBI seized blank checks and a counterfeit $8.8 million check in Yalincak’s name, prosecutors said. Also seized were 23 credit cards, including 13 in Yalincak’s name, and documents in the name of Yalincak’s alias.
He is now pleading guilty. Prosecutors said Yalincak portrayed himself as the head of a wealthy Turkish family. He spent the money on a Porsche, and other luxuries. The Yalincaks were also involved in a bank fraud case in which Yalincak is accused of passing $43 million worth of bad checks in a check-kiting scheme.
A computer and a telephone were all Yalincak needed for the bank fraud and check counterfeiting, prosecutors said.
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