“The mission of Wolf Hedge is to provide its clients with the long-term and value-added advice to achieve their investment goals,” says Moazzam ‘Mark’ Malik at WolfHedge.com.
The Securities and Exchange Commission (SEC), however, is convinced Malik wasn’t even close to delivering anything like that.
According to the SEC, which charged Malik Friday with stealing nearly $US800,000 from his investors, Malik wasn’t using funds to invest in the market, and he didn’t have $US100 million in assets at Wolf Hedge, which he is alleged to have claimed to investors.
The alleged one-man investing band says at his website that he “used to lead teams to manage assets over USD 5 billion at various asset management firms in New York.” The phone number listed at that site has been disconnected, however.
The SEC says “he raised $US840,744 from investors… his fund never made real investments and never held more than $US90,177 in assets as Malik continually withdrew the cash and spent it as his own.”
The SEC alleges that instead of putting client capital to work in the markets, Malik spent it on “a matrimonial matching website,” “continuing education courses at Harvard,” and “luxury travel, dining and jewelry.”
The ruse allegedly did not end there. According to the SEC, Malik allegedly created a fake investor relations employee for Wolf Hedge LLC, who, in communicating with one investor, said he had died.
At Malik’s personal webpage, his bio states that “by personifying the tenets of quality, integrity, efficiency and innovation, Mark is the entrepreneurial catalyst that has fostered the appetite of ingenuity, originality, creativity and distinct inventiveness that is uniquely found at Wolf Hedge.”