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Pakistani hedge fund fraudster held in US

NEW YORK: US state and federal authorities accused a man on Friday of fraudulently claiming he was a hedge fund manager and duping investors into giving him more than $800,000 that he allegedly diverted for his personal use. Moazzam “Mark” Malik, 33, from Lahore, Pakistan, was arrested and indicted on New York state charges including...

SAMAA | - Posted: Feb 14, 2015 | Last Updated: 6 years ago
SAMAA |
Posted: Feb 14, 2015 | Last Updated: 6 years ago

NEW YORK: US state and federal authorities accused a man on Friday of fraudulently claiming he was a hedge fund manager and duping investors into giving him more than $800,000 that he allegedly diverted for his personal use.

Moazzam “Mark” Malik, 33, from Lahore, Pakistan, was arrested and indicted on New York state charges including grand larceny and forgery, the office of New York Attorney General Eric Schneiderman said in a statement. Prosecutors accused Malik of stealing from investors between 2011 and 2015, luring them with false promises of high returns.

In a parallel proceeding, the U.S. Securities and Exchange Commission (SEC) filed civil charges against Malik in U.S. District Court in Manhattan, saying he raised $840,774 but never made real investments.

A lawyer for Malik did not immediately respond to a request for comment. Malik was being held after his arrest, Schneiderman's office said.

When investors demanded their money back, Malik refused and “went so far as to create a fictitious fund employee who sent one investor an e-mail claiming that Malik had died,” the SEC said in a statement.

His fund, most recently known as Wolf Hedge LLC, never held more than $90,177 in assets, as he continually withdrew money, the SEC said.

The investors included people in the United States, Canada and Switzerland, and the number of suspected victims is at least 17, Schneiderman's office said.  (Reuters)

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