Macon Telegraph – A Greenwich mortgage broker admitted that she helped her college-age son recruit investors in a multimillion-dollar hedge fund scam but said she really believed he was a savvy moneymanager.<\/p>\n
Ayferafet Yalincak, 51, pleaded guilty to conspiracy to commit wire fraud, a charge that could send her to prison for up to five years. Her 22-year-old son, Hakan, has pleaded guilty to bank fraud and wire fraud and faces up to 50 years in prison for managing the scheme.<\/p>\n
Yalincak told a federal judge that she attended meetings with investors and allowed her son, a former New York University student, to present her as a member of a wealthy Turkish family who was going to invest millions in his hedge fund. Prosecutors said the scheme cost investors millions.<\/p>\n
“I went along and did nothing to correct it,” she said Thursday. “My uncle had some wealth, but nothing like the enormous wealth Hakan and his partner were describing.”<\/p>\n