Posted on: May 30, 2018 03:00 PM

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Forest Hills hedge fund firm owner indicted for cheating seniors out of 5 million

Dean S Mustaphalli, 47 of Kew Gardens and Commack was indicted with 99 counts for defrauding seniors out of their investments close to $5 million dollars. Mustaphalli was the owner of Mustaphalli Capital Partners Fund LP. He is charged with security fraud, forgery, grand larceny and scheme to defraud. The company's hedge fund loss over 90$ of its value according to NYS Attorney General. The investigation started in June 2014 until March 2017 involving 22 victims with most from Queens. Some of them living in Rochdale Village whose retirements are wiped out. He also defrauded another $7 million from other investors between 2012 and 2014 and all that is lost. Mustaphalli told his clients the losses are due to oil, bad markets and the election. He even stated, if Hillary wins, you will get your money back and on Brexit. His bail is set at $2 million dollars and was ordered to surrender his passport. If convicted, he is heading to jail for 10 to 20 years.