Fla. Investment Exec Gets 7 Years For $18M Pre-IPO Fraud

Law360 (September 25, 2020, 5:40 PM EDT) -- A tearful Florida fund manager was sentenced to seven years in prison Friday for perpetrating an $18 million fraud involving sham investments in technology companies prior to their initial public offerings, avoiding a request by New York federal prosecutors for at least 14 years behind bars.

Fred Elm, also known as Fred Elmaleh, 51, pled guilty in May to securities fraud and conspiracy charges for his role in a scheme to defraud dozens of investors who thought they were buying shares of Twitter Inc., Uber Technologies Inc. and other privately held tech companies ahead of their hotly anticipated market debuts....

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