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.
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.