Trainee sentenced after pretending to be hedge fund manager

Gavel Jason Morrison

A New York City man claiming to be an experienced hedge fund manager was convicted Friday for stealing over $800,000 from at least 17 investors, according to a statement from New York Attorney General Eric Schneiderman.

CNN Money reports that Moazzam Ifzal Malik, 33, was convicted of 28 criminal charges related to his creation of several fake hedge funds that he used to siphon money from investors for personal use. His latest in a string of fraudulent companies was 'Wolf Hedge LLC', according to Schneiderman's statement.

Malik told investors he had over a decade of experience on Wall Street and had overseen the management of over $5bn in assets - he made these claims during cold-calls to U.S. and international investors.

In reality, Malik had only been a trainee at a financial consulting firm and was only registered as a broker from 2007-2009. The AG's statement noted Malik's real jobs included working as a security guard, waiter and traffic agent.

To access the complete CNN Money article hit the link below:

Fake hedge fund manager convicted for stealing over $800,000

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