Whitey Ford
04-01-2019, 10:13 PM
Muh algorithms, muh hedge fund, muh returns.
In the aftermath of the college admissions scandal, some have asked what is the IRR on investing up to $1.2 million in a Yale education. Here is one answer.
Omar Zaki, a recent Yale grad was busted by the SEC on Monday which in a complaint accused the 21-year-old of running a hedge fund, Armitage Capital, while enrolled at the Ivy League university, and claiming to investors that his firm relied on an algorithm that had produced eye-popping returns over a 10-year period (which incidentally means he launched his quant trading career when he was 11).
This was one of many misrepresentations Zaki allegedly made to investors: in reality, not only did the fund never use any algorithm, but the Yale grad also misled investors about how much money he managed and wrongly reported returns in excess of 80% from December 2016 through early March 2017, Bloomberg reported.
https://www.zerohedge.com/news/2019-04-01/21-year-old-yale-grad-busted-running-hedge-fund-scam
In the aftermath of the college admissions scandal, some have asked what is the IRR on investing up to $1.2 million in a Yale education. Here is one answer.
Omar Zaki, a recent Yale grad was busted by the SEC on Monday which in a complaint accused the 21-year-old of running a hedge fund, Armitage Capital, while enrolled at the Ivy League university, and claiming to investors that his firm relied on an algorithm that had produced eye-popping returns over a 10-year period (which incidentally means he launched his quant trading career when he was 11).
This was one of many misrepresentations Zaki allegedly made to investors: in reality, not only did the fund never use any algorithm, but the Yale grad also misled investors about how much money he managed and wrongly reported returns in excess of 80% from December 2016 through early March 2017, Bloomberg reported.
https://www.zerohedge.com/news/2019-04-01/21-year-old-yale-grad-busted-running-hedge-fund-scam