Indian-origin man in US pleads guilty to $9 mn FB stock fraud
August 14, 2015 11:10
An Indian-origin investment advisor in the US has pleaded
guilty to perpetrating a $9 million investment fraud scheme involving Facebook
stock.
Gignesh Movalia, 40, a registered investment advisor in Florida, pleaded guilty before US Magistrate Judge Anthony Porcelli of the Middle District of Florida to one count of investment advisor fraud.
Movalia, who was the founder and manager of OM Global Investment Fund, will be sentenced at a later date, Assistant Attorney General Leslie Caldwell of the Justice Department's Criminal Division said.
Gignesh Movalia, 40, a registered investment advisor in Florida, pleaded guilty before US Magistrate Judge Anthony Porcelli of the Middle District of Florida to one count of investment advisor fraud.
Movalia, who was the founder and manager of OM Global Investment Fund, will be sentenced at a later date, Assistant Attorney General Leslie Caldwell of the Justice Department's Criminal Division said.
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