Articles Posted in Hedge fund fraud

33-year-old hedge fund whiz kid Mark Malik CEO of Wold Hedge Global Strategy has been charged with securities fraud by the S.E.C. is being held on $1 million bail in the Manhattan detention center. Purportedly, his company was in the process of nailing a $1 billion deal to go public and was hiring dozens of analysts and opening offices in different countries around the world.

His fund had reported assets of $100 million and record returns which raised his profile as a top earner among elite hedge funds. Malik, whose full name is Moazzam Ifzal Malik described himself as “CEO-Global Economist.” Media firm Bloomberg LP called him a “rising fund manager. BarclauHedge Ltd, an Iowa company gave Mr. Malik’s fund a recognition award for excellence #1. A Barclay Hedge report in August 2012 showed the fund achieving returns of 188.06% in 2010 and 189.18% in 2011 according to court filings.

The SEC accuses him of stealing more than $700,000 from investors. He faces trial on 28 criminal counts and up to 20 years in prison if convicted.