New York Hedge Fund Manager faked his own Death to avoid paying back Investors! Blog

New York Hedge Fund Manager faked his own Death to avoid paying back Investors!

According to USA Today, a New York hedge fund manager, Moazzam Malik, 33, who had been running an alleged fraud lied to an investor he had died of a heart attack, in order to avoid paying back the investor’s money, authorities said. Malik reportedly stole about $850,000 from 16 foreign and domestic investors starting in 2011, based on a Securities and Exchange Commission complaint that was released on Friday.

The culprit was said to have been a former New York Police Department traffic agent and security guard, and he was also criminally charged by New York Attorney General Eric Schneiderman, who accused Malik of stealing $250,000 from 5 investors.

Some of the money made from the fraud was used by Malik in finding a spouse and he is currently being held on a $1 million bond over $1 million cash bail, the attorney general said.



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