Federal officials accused a former Yale University student for running an unregistered hedge fund that raised more than $1 million.
Omar Zaki, 21, reportedly made around $1.7 million from 11 clients from January 2017 and February 2018 by selling a biotechnology trading strategy, the Securities and Exchange Commission (SEC) said in a complaint Monday. Zaki allegedly gave investors false information like how he managed a fund worth $3 million.
The fund was started in Delaware in November 2016 and was based in New Haven, Connecticut. It is currently inactive, according to the SEC.
Zaki will pay $25,000 in civil penalties. He did not admit nor deny the SEC’s findings.
The former Ivy League student is not allowed to work for an investment company for three years, after which he can apply for re-entry.
Zaki reportedly graduated with a bachelors in economics and physics from Yale in 2018, Bloomberg reported.
He is unemployed, the complaint said.
Yale did not immediately respond to The Daily Caller News Foundation’s request for comment. The SEC declined to comment.
Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact licensing@dailycallernewsfoundation.org
Schedule Summary: President Donald Trump will participate in State events, meet with the President of…
Leaders of the nation’s largest teachers unions recently sent a letter urging Democratic governors to refrain…
Microsoft announced Monday that it is cutting 4,800 Xbox jobs amid an era in which…
In his powerful Independence Day address at Mount Rushmore on July 4, 2026, President Trump…
A firework hit a commercial plane on the Fourth of July while it was landing…
In a well-intentioned bid to aid low-income residents of New York City, Mayor Zohran Mamdani…