Social Pro Daily

SEC Nails Florida Finance Manager With Fraud Charges For Not Delivering Pre-IPO Facebook Shares

Craig Berkman, a finance manager in Florida and former Oregon gubernatorial candidate, was hit with fraud charges by the Securities and Exchange Commission’s enforcement division over what regulators called a Ponzi-like scheme that promised but never delivered pre-initial public offering shares of Facebook and other companies.

DavidCohen
By David Cohen

Craig Berkman, a finance manager in Florida and former Oregon gubernatorial candidate, was hit with fraud charges by the Securities and Exchange Commission’s enforcement division over what regulators called a Ponzi-like scheme that promised but never delivered pre-initial public offering shares of Facebook and other companies.

Forbes reported that the SEC alleges that Berkman used funds that were supposed to go to purchases of shares in Facebook, LinkedIn, Groupon, and Zynga for personal purposes and to pay off earlier investors.

SEC

AW+

WORK SMARTER - LEARN, GROW AND BE INSPIRED.

Subscribe today!

To Read the Full Story Become an Adweek+ Subscriber

View Subscription Options

Already a member? Sign in

DavidCohen

David Cohen

David Cohen is editor of Adweek's Social Pro Daily.

Recommended articles