November 4, 2015
Posted January 25, 2016
Tampa, Florida investment advisor and founder of OM Global Investment Fund LLC Gignesh Movalia was sentenced to 18 months in prison and to pay $5,394,419 in restitution for perpetrating a $9 million investment fraud scheme involving Facebook stock. In connection with his guilty plea, Movalia admitted raising more than $9 million from 130 investors by falsely claiming to have access to pre-initial public offering shares of Facebook Inc. DOJ
Tagged in: Misrepresentations, Securities Fraud,