Spent money amongst others, on a Muslim dating site.
By Raif Karerat
WASHINGTON, DC: Pakistani American Mark Malik, 33, managed to hoodwink Wall Street investors into thinking he was a hedge-fund tycoon. In reality, he was a former waiter and New York City traffic cop who didn’t attend college, yet found a way to embezzle $850,000 from major foreign and domestic financiers starting in 2011.
USA Today reported that instead of investing his ill- gotten gains, Malik spent it on travel, jewelry, a Muslim dating site, and tuition for classes at Harvard’s extension program. Malik spent $30,116 on vacation travel, $36,124, for drinking and dining out, $25.53 at the Statue of Liberty Gift Shop, and $49.99 on a subscription to a Muslim dating site.
He apparently also had a penchant for sending colorful, if not somewhat deranged emails to his “clients:”
Investors who asked for their money back from Mr. Malik were rebuffed with email replies that ranged from affectionate (“you know that I love you”), indignant (“stop your nonsense”) and angry (“go f— yourself”), to bizarre (“I am going Deer hunting”). “I AM CRYING, I AM A HUMAN BEING…NOT A MONEY MAKING MACHINE, I HAVE FEELINGS AND DREAMS” he emailed one investor at 10:45 p.m. in February 2014. “YEAH PUT ME IN JAIL GOOD JOB!”
It may seem hard to believe, but the Daily Mail disclosed even companies of Bloomberg’s status believed Malik was telling the truth, going so far as to reporting his supposed earnings and giving him formal recognition.
In March 2011, a Bloomberg report identified Malik as a rising fund manager based on data provided by Malik himself, the Securities Exchange Commission said. Bloomberg stated that Malik’s Seven Sages fund had a 92.73% return on investment for 2012, while a company called Barclay Hedge awarded Malik a “gold star.”
Malik’s Wolf Hedge bank account had a balance of negative $310 as of November of last year 2014, the SEC said.
After investors reported Malik to the SEC on charges of fraud, Malik attempted to fake his own death by sending an email from a fictional employee explaining he had died after sustaining a heart attack.
When his plan failed to gain any traction whatsoever, the Journal revealed he sent an angry email to the investor he thought was responsible for turning him in. The email bizarrely included a clip from a werewolf movie with the subject line: “that’s what I think I am.”
Assuming Malik remains in the human phase of his lycanthrope cycle, he could face up to 20 years in prison for fraud.