Fund Fraudster Gets 11 Years For Fake Facebook Claims

Law360, New York (June 21, 2013, 6:53 PM EDT) -- A former mutual fund executive who defrauded investors of $13 million by claiming his fund owned stock in Facebook Inc. and Groupon Inc. was sentenced Friday to 11 years in prison in New York federal court.

John A. Mattera was also ordered to forfeit $11.8 million and serve three years probation after he is released from prison. Mattera, a Fort Lauderdale, Fla., resident, chaired the advisory board of a mutual fund called Praetorian Global Ltd.

Prosecutors say he used the fund as his own personal bank,...
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