Two years ago, many people were intrigued when an NYU senior had to miss his graduation - because he and his mother had committed $43 million in hedge fund fraud. Hakan Yalincak's parents had even pledged $21 million to NYU, giving the university a $1.25 million check as a start. But now that Yalincak and mother Ayferafet Yalincak have pleaded guilty, the next chapter in the saga is Chapter 7: Bankruptcy and a request from NYU.
Originally, NYU agreed to return the $1.25 million if the money was derived from fraud, but Washington Square News now reports that the university wants to keep $200,000 of it and has filed a complaint with bankruptcy court. WSN, though, checks in with the former scamming student:
In an exclusive interview with WSN, Yalincak criticized NYU's backpedaling, citing university spokesman John Beckman's earlier statements to WSN that said NYU would return any money it received that wasn't the Yalincaks' to give.
"I'm very disappointed that NYU has changed its position with respect to returning the gift," Yalincak said. "It was always my understanding that NYU's position was to return the ill-gotten funds, and now that NYU has found a way to keep $200,000 of those moneys, it seems it is more than happy to oblige."
But NYU spokesman John Beckman retorts, "Frankly, it takes a lot of chutzpah to promise $21 million, to deliver about five percent of that, and then to suggest that the university should actually go into the red - frankly, it's incomprehensible that they would take this position." Yeah, and Beckman forgot to mention that Yalincak tried to cash a forged $25 million check! But it's hilarious that NYU demands to keep the money - does the school suddenly need some more green to pay contractors? Then again, NYU isn't a for-profit organization.