The graduate, from New York, claimed his fund relied on an algorithm to manage funds of $3 million. The SEC says none of that was true.
Zaki, who did not admit or deny the SEC's findings, did not immediately reply to a request for comment. So says the Securities and Exchange Commission which has fined the former Yale student $25,000, to be paid in installments over three years.to a filing by the SEC. Between January 2017 and February 2018 Zaki raised $1.7 million from investors touting a fund which had 80% returns in the biotech space in a portfolio. The fund claimed to have a trading history from December 2016 to April 2017 but in fact did not commence trading until June 2017, the SEC said.
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Source: washingtonpost - 🏆 95. / 72 Read more »
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