Fund Manager Lied About Facebook Stock Holdings, SEC Says

Law360, New York (March 14, 2012, 7:57 PM EDT) -- The U.S. Securities and Exchange Commission on Wednesday accused a New York fund manager of misleading investors about the amount of stock his funds held in technology darlings Facebook Inc., Twitter Inc. and Zynga Inc. in advance of their initial public offerings.

In a complaint filed in the Northern District of California, the SEC accused Frank Mazzola and his firms Felix Investments LLC and Facie Libre Management Associates LLC of lying to investors who had bought into two funds created specifically to buy securities of high-profile...
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