A fund manager accused of running an $11 million scam promoting phony access to coveted shares of Facebook and Groupon Inc before their public debut was arrested on criminal charges on Thursday.
John Mattera, who ran the Praetorian Global Fund registered in the British Virgin Islands, spent nearly $4 million of the misappropriated money on personal expenses, including leasing luxury cars, buying jewelry, paying personal taxes and settling a private civil fraud lawsuit, according to a criminal complaint unsealed in Manhattan federal court.
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