‘I Can’t Sleep’: Investors Trapped in Turkey’s Fund Collapse Taylan Bilgic Two weeks after putting his savings into a high-flying Turkish stock fund on the advice of a relative, Mehmed Kervanci was frantically hitting the sell button on his phone’s trading app. Kervanci, 28 and unemployed, wanted to use the 2.5 million liras ($51,000) to help pay for his upcoming wedding. Instead, he’s one of almost half a million investors caught in the crisis that’s engulfed Turkey’s asset managers and left them wondering if they’ll ever get their money back. Turkish regulators have announced the liquidation of about $20 billion in stock and money-market funds as part of a probe into long-running Ponzi-like schemes involving illiquid shares. It’s not clear how much of that can be retrieved. While some investors understood that triple-digit percentage returns were unsustainable and jumped off the wagon before the crash, others had little idea what they were getting into. A total of 455,758 investors were trapped in ther

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