The former president of the Penn State Financial Management Association, Nicky Kundnani, was charged with felony yesterday for fraud and embezzlement. He is accused of basically running a fake hedge fund in a regular Ponzi Madoff scheme.The total scope of the operation was approximately $10,000.

According to the Collegian, Kundnani was funneling the money through a fake company called Draconius Asset Management.

We looked up the emails Nicky Kundnani has listed on the Penn State directory, then did a quick Google search… turns out that Kundnani does indeed seem to own draconius.org.

Kundnani was taken to the Centre County Correctional Facility but is now out on bail.