A resident of Lakewood, N.J. who is now serving a 22-year prison sentence for his role in a $200 million Ponzi scheme, pleaded guilty to charges in a separate fraud related to Facebook’s initial public offering, the U.S. Justice Department announced on Wednesday.
Eliyahu Weinstein, 39, admitted that he gave two investors a chance to purchase shares in Facebook before its IPO in May 2012, even though he and his co-conspirators did not have any access to the company’s shares, according to the Justice Department. The offer enticed the investors, since it was difficult to get shares in the social network at the time and their value was expected to rise.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
