Frat Boy Busted Running Fake Hedge Fund Out Of Frat House
SEC Plays Dean Wormer To UG Frat Boy Accused Of Running Fraudulent Hedge Fund Out Of Frat House The SEC is accusing former UG frat boy Syed Arbab of allegedly running a fake hedge fund out of a frat house. SEC investigators say Arbab untruthfully portrayed himself as a University of Georgia graduate who was working on a master’s degree in business administration. He was a student at the university in Athens. However, he had not yet received his undergraduate degree. Now the SEC pulling a Dean Wormer from Animal House and putting their foot down. The SEC filed a six-count civil complaint in a Georgia federal court. The government claims Arbab sold investments in the hedge fund that never existed. He spent some of the funds on liquor, hotels, gambling and a Las Vegas trip. The SEC alleges the 22-year-old received at least $269,000 from no less than eight investors. Consequently, he transferred much of the money to his personal bank account...