U.S. Attorney Kevin J. O’Connor announced that a federal grand jury in New Haven NY returned a four-count Indictment charging Ayferafat Yalincak, also known as "Jackie Yalincak," and "Irene Kelly," age 50, and her son, Hakan Yalincak, also known as "Hagen Yalincak," age 21, both Turkish citizens, with operating a multi-million dollar investment hedge fund fraud scheme.
The conspiracy charge carries a maximum term of imprisonment of five years and a fine of up to $250,000. Each wire fraud charge carries a maximum term of imprisonment of 20 years and a fine of up to $250,000.
According to documents filed with the Court and statements made in court, Ayferafat Yalincak and Hakan Yalincak solicited approximately $7 million from several investors for their fake hedge fund. Ayferafet Yalincak, 52, pleaded guilty last year to conspiracy to commit wire fraud, but tried to downplay her role in the hedge fund scheme she attributed to her 22-year-old son, Hakan.
Prosecutors say Hakan Yalincak charmed his way into the exclusive world of Greenwich high finance by posing as an heir to a wealthy Turkish family. He moved counterfeit checks and brokered deals with a Kuwaiti financier. Ayferafet Yalincak told a federal judge last year that she attended meetings with investors and allowed her son to present her as a member of an exceedingly wealthy Turkish family who was going to invest millions in his hedge fund.
Prosecutors say Ayferafet Yalincak was responsible for an intended loss of $5.3 million and an actual loss of $3.9 million after some of the money was returned to investors.
"This mother and son team are alleged to have defrauded several sophisticated investors out of a substantial sum of money," U.S. Attorney O’Connor stated. "This Office places a high priority on investigating and vigorously prosecuting investor fraud schemes. This investigation is ongoing." The case has been investigated by the U.S. Postal Inspection Service and the Federal Bureau of Investigation.
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