NEW HAVEN, Conn. – A former New York University student pleaded guilty to bank and wire fraud yesterday, admitting he used his student ID and expertly forged documents to pose as the heir to a billionaire Turkish family and trick investors into pouring millions into a nonexistent hedge fund.

Prosecutors spent hours yesterday describing how Hakan Yalincak, 22, charmed his way into the exclusive world of Greenwich high finance, shuttled counterfeit checks across the world and brokered deals with a Kuwaiti financier.

Yalincak’s fund, the Daedalus Capital Relative Fund I, wasn’t a legitimate investment and prosecutors said investors lost more than $7 million – a figure Yalincak said is overstated. Prosecutors say the money was spent on a Porsche, a Tiffany diamond and a $1.25 million donation to NYU.

The donation was used to reassure worried investors that the Yalincaks were investors who could be trusted, prosecutors said. Yalincak’s mother, who also faces fraud charges, even persuaded NYU’s development director to meet with prospective investors, prosecutors said.

An NYU spokesman, Josh Taylor, said the development director spoke with two investors only to confirm that the Yalincaks had paid the first installment of what was to have been a $21 million gift.