Con man pleads guilty to selling fake Facebook shares

It was a simple scam that most recently landed John Mattera in jail. He was selling shares in companies — including Facebook and Groupon — that didn’t actually exist. For this, Mattera pled guilty today to three criminal counts — conspiracy, securities fraud, and wire fraud, according to Bloomberg.
In selling these shares that he didn’t own and wasn’t allowed to sell, Mattera raked in $11 million from naive would-be investors.
Mattera carried out these scams through a hedge fund he operated called Praetorian Global Fund, according to Bloomberg. For the two years he managed this fund,…

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