Despite facing decades in "federal 'pound me in the ass' prison" for bank fraud, twenty-one year old Hakan Yalincak didn't seem to realize the gravity of his situation.

A New York University student was charged with bank fraud after depositing $43 million in bogus cashier's checks into Swiss and American accounts and trying to withdraw the money, prosecutors said Friday.

Hakan Yalincak, 21, also faces civil charges that he convinced two investors to sink $2.8 million into a nonexistent hedge fund and spent the money on luxury items and university donations.

He wept in court as U.S. Magistrate Judge Joan Margolis ordered him jailed until a detention hearing Thursday. "I have a graduation on Wednesday," Yalincak said.