Former Prez of Smeal Investment Club Arrested
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.
Kundnani was taken to the Centre County Correctional Facility but is now out on bail.