New Jersey Man Accused Of Scamming $1 Million From Scarsdale Couple

SCARSDALE, N.Y. -- A New Jersey hedge fund operator is facing larceny charges after he was accused of making trades that resulted in the loss of approximately $1 million for a Scarsdale couple, according to the Westchester County Business Journal.

Joe Jenkins

02/10/2015 4:00 p.m.

Khawaja Saud Masud, 37, solicited 75-year-old Dr. Kalim Irfani and his wife, Rehana Irfani, to invest more than $1 million in his hedge fund, RKS Capital LP, the Journal reported.

Masud allegedly promised to employ a conservative investment strategy, but instead engaged in speculative trading and concealed his trades, according to the Journal.

If convicted on charges of grand larceny and securities fraud, Masud could spend up to 25 years in prison, the Journal said.

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