Florida man gets prison in Facebook stock fraud

MIAMI (AP) - A South Florida man has been sentenced to more than nine years in federal prison for fraud involving bogus sales of Facebook stock.

Court records show that 48-year-old Allen Weintraub of Boynton Beach also must pay restitution to victims and forfeit more than $140,000. He was sentenced last week.

Weintraub pleaded guilty to mail fraud charges in February. Court records show that in 2012 Weintraub claimed to have purchased stock in Facebook from a private site that supposedly had thousands of shares to sell.

Weintraub even mailed certificates to investors, but in fact prosecutors say the site had no Facebook shares. The money went to bank accounts Weintraub controlled.

Victims were defrauded out of about $414,000.


To find out more about Facebook commenting please read the
Conversation Guidelines and FAQs

Leave a Comment