Politico – The pitch on LinkedIn seemed too good to be true: Act now to buy pre-IPO shares of Facebook, Groupon, Twitter, Zynga and other hot companies about to go public.
And indeed that’s exactly what the Securities and Exchange Commission found: The ads were part of an elaborate scheme carried out by a fake hedge fund that cheated investors out of more than $12 million and financed the perpetrator’s “lifestyle of private jets, luxury cars and fine art,” the Securities and Exchange Commission alleged Thursday.
