NEW HAVEN, Conn. (AP) — A former New York University whiz kid who posed as a Turkish heir and persuaded sophisticated investors to pour millions into a nonexistent hedge fund was sentenced Wednesday to 3 1/2 years in prison.
Hakan Yalincak, 22, who has already served 20 months, needs the time in prison to reflect and find his "moral compass," U.S. District Court Judge Janet Bond Arterton said.
"It would appear the majority of his life was spent engaged in fraud," said Arterton, who ordered him to pay $4.18 million in restitution.