Fund manager gets 11 years for Facebook, Groupon shares scam

A smartphone user shows the Facebook application on his phone in Zenica, in this photo illustrationBy Bernard Vaughan NEW YORK (Reuters) – Former fund manager John Mattera was sentenced to 11 years in prison on Friday, after pleading guilty of defrauding investors of $ 13 million with a story that he put their money in Facebook Inc and Groupon Inc shares before the companies went public. U.S. District Judge Richard Sullivan said the sentence, at the high end of what prosecutors requested, was warranted because Mattera devastated his clients' savings, and also because of four prior convictions related to fraud and theft. Mattera had requested a sentence of less than four years. …

Full Story Via Internet News Headlines – Yahoo! News

Comments are closed.