SAN FRANCISCO — An appellate court on Monday gave new life to a lawsuit accusing law firm Venable and former partner David Meyer of helping a con man who claimed to have a line on pre-IPO Facebook stock pilfer $11 million.
ESG Capital Partners L.P., a group of investors formed to buy Facebook Inc. shares before the company’s 2012 initial public offering, sued Venable and Meyer in 2013 for securities fraud. The suit claimed that Meyer had made false statements to investors who believed they were handing over funds to an investor affiliated with billionaire Carlos Slim named Ken Dennis. Dennis, however, turned out to be an alias for Troy Stratos, who has since been convicted by a Sacramento jury of four counts of wire fraud and two of money laundering related to the $11 million deal-gone-wrong.
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