The HGLC Santa knows who's been naughty or nice. Some will have to pay for being NAUGHTY!!!
A Fort Lauderdale businessman was arrested Thursday on charges he ran an $11 million fraud, convincing investors he owned lucrative shares of privately held companies such as Facebook.
John A. Mattera, 50, raked in the money through his hedge fund, the Praetorian Global Fund, preying on clients' hope that they could capitalize on the next big company to go public, according to federal prosecutors in New York.
"Mattera told elaborate lies about stock he did not own and about how he would keep investors' money safe in escrow accounts," said Manhattan U.S. Attorney Preet Bharara. "Instead, Mattera took the investors' money to fund his own extravagant lifestyle."
Federal authorities allege Mattera spent at least $3.8 million of investors' money on personal expenses, including $825,000 on luxury cars, $330,000 on jewelry and $245,000 on home furnishings and interior design.
He also tried to make a splash in the South Florida charitable world, forming his own foundation. He joined the board of the American Red Cross Broward County Chapter in February and his foundation sponsored Florida Atlantic University football head coach Howard Schnellenberger's weekly fan breakfasts.
, 50, raked in the money through his hedge fund, the Praetorian Global Fund, preying on clients' hope that they could capitalize on the next big company to go public, according to federal prosecutors in New York.
"Mattera told elaborate lies about stock he did not own and about how he would keep investors' money safe in escrow accounts," said Manhattan U.S. Attorney Preet Bharara. "Instead, Mattera took the investors' money to fund his own extravagant lifestyle."
Federal authorities allege Mattera spent at least $3.8 million of investors' money on personal expenses, including $825,000 on luxury cars, $330,000 on jewelry and $245,000 on home furnishings and interior design.
He also tried to make a splash in the South Florida charitable world, forming his own foundation. He joined the board of the American Red Cross Broward County Chapter in February and his foundation sponsored Florida Atlantic University football head coach Howard Schnellenberger's weekly fan breakfasts.
