He claimed to run a hedge fund from his frat house. SEC says he spent investors' cash on gambling

[Yo_Mama_Been_Loggin]

Last edited Mon Jun 10, 2019, 01:47 AM - Edit history (1)

and booze.

In the fall of 2018, 25-year-old Renee Elizabeth Lorys decided that she wanted to start investing some of the money she was making as a pharmacist. Her brother, an undergraduate at the University of Georgia, knew just the guy: Syed Arham Arbab, a stock-market whiz who had been making amazing returns for other students on campus through the hedge fund he ran out of his room at the Phi Kappa Tau fraternity house.

In texts she later provided to the Securities and Exchange Commission, Arbab told Lorys the hedge fund he ran was different. Artis Proficio Capital targeted young people and college kids, he wrote, and offered lower-than-average fees. Up to $15,000 of her money would be guaranteed, and she could pull out at any time with two weeks’ notice.

“Just let me know if you’re not interested so I don’t keep bothering you with this!” he wrote, touting an investor list comprised of “students, University of Georgia faculty, and local restaurant/bar owners.”

Lorys decided to give it a try. Between October 2018 and April 2019, she invested a total of $45,745 with Arbab, according to her sworn affidavit. The last $20,000 she sent him was supposed to be returned with 8 percent interest in less than two weeks. But instead, she received a wire transfer for $10. Later, she received two more payments to her Cash App account, which still added up to only $600.

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https://www.msn.com/en-us/money/companies/he-claimed-to-run-a-hedge-fund-from-his-frat-house-the-sec-says-he-spent-investors-cash-on-gambling-and-booze/ar-AACxhw6?li=BBnbfcN

Frat bro hedge fund manager? I don't think there was ever a time in my life where I felt inclined to give my money to someone's like that.

[FakeNoose]

1. Foolish! I'm sorry, there's no other word

[Demovictory9]

6. 8% in two weeks? greedy and stupid.

[Skittles]

8. she exercises that kind of judgement and she is a pharmacist?

[struggle4progress]

2. "I should have answered that email from the Nigerian prince who saw my name in a dream!"

[NCjack]

3. That's why you don't introduce your sister to your frat bro.

He will screw her every time.

[Volaris]

5. You just won this thread hahahahaha!!!

[Volaris]

4. Well, isn't that what a hedge fund manager does anyway?

On a less humorous note, if he were running an MIT-style blackjack team and knew what the fuck he was doing, that's a more solid 'investment' than standard market returns, right?

This government used to HANG market speculators.
Just sayin.

[Celerity]

7. lol, he was promising 56% annual rates of return, if I took 10,000 USD

and let it ride for 27 years (until I am 50) at 56% ARR

I would have







Plus, roflmaoooo, sending money to a Hedge Fund over Venmo?????

people are

and greedy and

they may be bright, but they sure ain't shining