Fake Hedge Fund Manager Convicted Of Stealing $800,000

Fake Hedge Fund Manager

Moazzam Ifzal Malik has been convicted on 28 criminal charges after he stole more than $800,000 from at least 17 investors.

According to New York Attorney General Eric Schneiderman, the 33-year-old told investors he was a hedge fund manager. He accepted money from various clients, which he immediately spent for his own personal needs.

His latest in a string of fraudulent companies was “Wolf Hedge LLC,” according to Schneiderman’s statement.

In scamming investors, Malik said he had over a decade of experience on Wall Street and had overseen more than $5 billion in assets.

He captured investor money through cold-calls to U.S. and international parties.

In reality, Malik was only a trainee at a financial consulting firm and was only registered as a broker from 2007-2009. He spent the last few years working as a security guard, waiter, and traffic agent.

From 2011-2015, he managed several fake hedge funds that included: Wall Street Creative Partners, L.P., Seven Sages Capital, L.P., American Bridge Investments L.P., and Wolf Hedge LLC.

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To convince investors to give him money, Malik used false documentation.

The money he collected was used on hotels, airline tickets, rental cars, restaurants, electronics, utilities and a karaoke bar.

During his sentencing on December 18, he could receive up to 20 years.

At one point Malik created a fake employee named “Courtney” and emails his clients in an attempt to fake his own death.

Written by Jeff Springer

Jeff Springer

Jeff Spring is the Finance & Markets Editor at BusinessPundit.com. He's currently spending his days backpacking across Europe. While he may be living outside of the United States, he stays connected to American financial markets and M&A's more than is probably healthy for any single person. His love of a good book and a Bloomberg terminal can't be understated.