"But I have a graduation on Wednesday....!"
Priceless.
Posted on 05/07/2005 3:38:06 AM PDT by Pharmboy
NEW HAVEN, May 6 (AP) - A New York University senior was arrested on Friday and charged with concocting a $43 million scheme to shuffle bogus multimillion-dollar checks between banks in Switzerland and Greenwich, Conn.
Hakan Yalincak, 21, whose parents are major donors to N.Y.U., wept in court as Magistrate Judge Joan G. Margolis of the United States District Court ordered him held at Wyatt Detention Center in Rhode Island until a hearing on Thursday. "I have a graduation on Wednesday," Mr. Yalincak said.
Mr. Yalincak, a mathematics major from Pound Ridge, N.Y., whose parents donated $21 million to the university last year, spent months opening bank accounts under fake corporate names, then deposited fake certified checks for millions of dollars, according to an indictment unsealed on Friday.
At one point, he had $25 million in Greenwich and nearly $18 million in Switzerland, prosecutors said.
By the time he transferred $2.5 million from Switzerland to an empty bank account in Greenwich and tried to withdraw $1.7 million, bank executives had discovered the counterfeit checks. When told that his account had been frozen, Mr. Yalincak tried to close out his account and collect the entire $2.5 million, prosecutors said.
He is also being sued in civil court by investors who say he tricked them into investing $2.8 million in a nonexistent stock fund. According to court documents filed in that case, federal investigators think some of that money was donated to N.Y.U., where a professorship in Ottoman studies is named after Mr. Yalincak's parents, Dr. Omer Bulent Yalincak and Ayferafet Yalincak.
A spokesman for the university did not return a phone call seeking comment. Mr. Yalincak was arrested by United States Postal Inspection Service agents at his family's Pound Ridge home. His mother wept throughout Friday's hearing.
"Instead of going to her son's graduation in New York, she's going to be visiting her son at Wyatt," the detention center in Rhode Island, said a defense lawyer, Eugene Riccio.
He sure do got him some purty lips.
Poor Rich Kid. Whhaaaaaaaaaaaaaaaaaaaaaa!!!!!!!!!!!
"But I have a graduation on Wednesday....!"
Priceless.
another Trump wannabe..
Mr. Yalincak, a mathematics major from Pound Ridge, N.Y., whose parents donated $21 million to the university last year.
They must be liberals if they think donating to a university will excuse their son's criminal actions.
Pound Ridge = Westchester County = blue zone.
Maybe someone should take a look at how the senior MR. Yalincak made his millions.
LOL!!
Bored, idle rich, or another case of the spared rod?
What does the chart have to do with this thread??
He probably already has a job offer from Hillary's presidential campaign.
In addition, Why would this kid do this if his parents had enough dough to donate millions to a University? Must be one of those kids who is board out of his mind with spider solitaire and needs something a bit more 'challenging'
The paradigm sociopath------completely without qualms or conscience.
This lowlife will continue to commit crimes---unless the legal penalties include lobotomizing the creep.
The father fancying himself as a (gag) philanthropist---is no surprise. When people give away large sums of money, you have to figure it's not their money.
Graduated from High School? Got to be a senior in college with a math major with plenty of money from mom and dad and still can't add or subtract.
Opening fake corporate accounts, PLUS deposited fake certified checks for millions of dollars, PLUS $2.8 million in a nonexistent stock fund MINUS transferred $2.5 million from Switzerland, MINUS withdraw $1.7 million, EQUALS 10 years in prison, no graduation day and a police record for life.
His answer, millions of dollars to do with as he pleases before, during, and after graduation.
$21 Million from Student's Family Will Help Create
Permanent Home for General Studies Program
A unique and remarkable $21 million gift from the Yalincak family, whose son Hagan is currently an undergraduate at New York University, will allow NYU to establish a long-awaited permanent home for the General Studies Program, part of the School of Continuing and Professional Studies.
The Yalincak family wanted to recognize the educational opportunity that the General Studies Program offered to Hagan, who used his experience here as an academic springboard, moving onto a bachelor's program within the University's College of Arts and Sciences. The General Studies Program is a two-year, interdisciplinary program that provides students with a strong foundation of liberal arts course work, preparing them to transfer into a four-year bachelor's degree program at NYU.
Their commitment makes it possible for the University to find and develop a permanent home on its Washington Square campus for the program. In recognition of the Yalincak family, NYU will formally name the General Studies Center for the family foundation.
"Space is such an inelastic resource at our University, especially as we continue to enhance our programs and expand our capacity for research," said NYU President John Sexton. "This wonderful gift is tailored to meet this need. The Yalincak family—Omer Bulent Yalincak, his wife Ayferafet, sons Hagan and Cem, and daughter Hale—has made a commitment to NYU that will be felt for generations."
SCPS Dean David Finney was equally ecstatic. "Because of the Yalincak family's generosity, the General Studies Program will have a new, state-of-the-art, permanent facility that reflects our commitment to interdisciplinary undergraduate education," he said. "Their gift will have a transformative effect on the quality of the educational experience for all of our GSP undergraduates."
SCPS will not be the only beneficiary of the Yalincak family's generosity. In honor of Hagan's parents, the gift will also establish the Dr. Omer Bulent Yalincak and Ayferafet Yalincak Professorship of Ottoman Studies and Annual Lecture Series in Ottoman History and Culture, at NYU's College of Arts and Science. Expanding and enhancing the curriculum in Ottoman history has been a top priority within the Faculty of Arts and Science.
The gift will also support the renovation of a theatre-style classroom and reception area in an NYU building at 269 Mercer Street. The modern, impressively designed classroom space will be one of the larger and most well-equipped classroom spaces on campus. Renovations have already begun, with the facility to be opened during the 2005 spring semester. The classroom space will also be named Dr. Omer Bulent Yalincak and Ayferafet Yalincak Hall.
"The impact of the family's support will be felt by students and faculty across the University," said Sexton. "Enhancing our campus, building community, broadening the reach of our academic programs—this commitment is helping us make our ambitious vision for NYU a reality."
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Of Turkish origin.
That chart doesn't say much for Republican fiscal responsibility does it?
Do you have a chart showing national assets?
ER shoots...he scores!! LOL
Merry Christmas from the Yalincaks!
- Omer Bulent, Ayferafet and Hakan.
I really feel sorry for his parents. This wasn't a "youthful indiscretion", it is major felony time. It's a lose-lose situation.
his parents are major donors; I'll guess his cellmate will be to.
That's how they clear their conscience. However, I call it the "Reverse Batman" Syndrome, though. These people enjoy crusading for the poor, helpless, uneducated, etc... by day and by night they are clinking glasses on the charity gala circuit with all of their billionaire friends.
ugh...maybe not techically given the political status...but...EUROTRASH!!!!!!
What? None of have ever made a mistake in balancing your checkbook? I'm certain most of us have problems like this now and then, I mean who hasn't been overdrawn $4 or $5 million before............. Probably just a bank error.
Democrats = Tax and Spend
Republicans = Borrow and Spend
These visceral crooks perpetuate their scams via philanthropy-----they are more than willing to publicly announce they are for their fellow-man, hoping like hell to make a buck on it on the side.
Demise of the Soviet Union = Priceless
Graduate of the "Terry McAullife School of Busines".
Please Freepmail me if you want on or off my infrequent Connecticut ping list.
That chart doesn't say much for Republican fiscal responsibility does it?
That chart also doesn't show a fiscal relationship due to our 9/11 world wide response.
His arrest completed the monthslong unraveling of a number of complicated business deals that Yalincak, a Turkish citizen, participated in, records show. Two Connecticut investors are suing him, saying he charmed them into believing he managed a hedge fund.
Though the investors received statements showing the fund was growing, they said that when they tried to pull their money out, they couldn't.
"He's a smart kid. He has some gift in investing and people had confidence in him," said attorney Robert Chan, who represents Yalincak in the civil case. "The fund shows good returns, assuming it's all real."
But court documents say Yalincak and his partner spent the money. One person involved in the case, speaking on condition of anonymity because many of the documents are sealed, said bank records show a Porsche was purchased with some of the money.
The fund, Daedalus Capital Relative Value Fund I, is not publicly traded. Chan said much of its assets are in Switzerland and the Cayman Islands. He said the case is being settled and the investors will receive their money back.
A spokesman for NYU said the university has received $1.25 million of the Yalincak family's $21 million donation. He said the school was reviewing the donations and any money that was improperly donated would be returned.
er.....did the check clear yet?
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