Business Insider – He allegedly lied to investors about owning shares in some hot tech companies, missed his flight and delayed his hearing. He even caused mass confusion once he made it to court, but a judge still wasn’t ready to accept his plea.
John Mattera is accused of defrauding investors out of $11 million by claiming he could get clients shares in big-name companies like Facebook and Groupon before they went public.
The only problem? He didn’t actually own shares in the companies and used his ill-gotten gains to fund “his own extravagant lifestyle,” according to prosecutors.
He was formally charged with securities fraud, wire fraud, and money laundering.