Pakistani hedge fund manager indicted in US
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NEW YORK: A Pakistani hedge fund manager was indicted in a New York court on Tuesday for allegedly stealing over $250,000 from five investors by fraudulently soliciting them to invest in his purported hedge funds, including Seven Sages Capital, L.P. and Wolf Hedge LLC.
New York’s Attorney General Eric T. Schneiderman announced a felony indictment charging Moazzam Ifzal Malik, also known as Mark Malik, 33, of Lahore, with stealing over $250,000 from five investors by fraudulently soliciting them to invest in the purported hedge funds.
Malik is accused of luring investors with false representations that he managed a multi-million dollar fund that would guarantee high returns, and then diverting their monies for his own personal use. If convicted, the defendant faces up to 20 years in prison. He is currently being held on $1m bond over $1m cash bail.
Published in Dawn March 18th , 2015
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