21-Year-Old Yale Alum Accused of Running Hedge Fund Scam by SEC

This is one college side hustle a recent Yale grad might be regretting.

Omar Zaki ran a hedge fund while enrolled at the Ivy League university, saying his firm relied on an algorithm that had produced eye-popping returns over a 10-year period. That would make him roughly 11 years old when trading got started.

The lie is one of many that Zaki allegedly told investors, the Securities and Exchange Commission said in an April 1 complaint. In reality, the fund never used the algorithm, misled investors about how much money it managed and wrongly reported returns in excess of ...