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.
