WHITE PLAINS – Felony charges against were filed against a Jersey City, NJ, man for allegedly stealing over $1 million from a retired pediatrician and his wife by fraudulently soliciting them to invest in his purported hedge fund, RKS Capital, LP.
Khawaja Saud Masud, 37, is charged with grand larceny in the first degree and securities fraud under the Martin Act, both felonies. He and faces up to 25 years in prison.
Masud is alleged to have ultimately lost almost $1 million of the victim’s investment in less than three months. According to prosecutors, Masud evaded repeated inquiries about the status of the investment for almost a year, before ultimately admitting to the amount lost.
According to his website, Masud is a “top ranked analyst” and “frequently appears as a TV guest” on CNBC, Bloomberg and CNN.
Masud was arraigned in Westchester County Court. Bail was set at $500,000 bond over $250,000 cash.
