NY-AG v. Dean S. Mustaphalli

Dean S. Mustaphalli allegedly engaged in a scheme to defraud investors, many of whom were elderly, out of their savings by investing them in his hedge fund without their knowledge or consent, according to the Attorney General. Mustaphalli allegedly targeted elderly New Yorkers who had been his investment advisory clients for many years before he opened his own hedge fund, and who had very little prior investment experience. Mustaphalli allegedly moved his clients’ assets to a platform that would conceal his risky trading activity. Mustaphalli allegedly diverted his clients’ relatively safe investment portfolios to a hedge fund run solely by Mustaphalli. Mustaphalli allegedly forged account opening documents and submitted fake email addresses for his clients. Mustaphalli allegedly targeted mostly elderly individuals who had been his clients for many years and trusted him.

Summary generated from official New York Attorney General press release