Former fund manager John Mattera was sentenced to 11 years in prison on Friday, after pleading guilty of defrauding investors of $13m with a story that he put their money in Facebook and Groupon shares before the companies went public.
Reuters reports that U.S. District Judge Richard Sullivan said the sentence, at the high end of what prosecutors requested, was warranted because Mattera devastated his clients' savings, and also because of four prior convictions related to fraud and theft. Mattera had requested a sentence of less than four years.
'You hurt a lot of people in a very serious way', Sullivan said, after delivering the sentence. 'You've left a lot of wreckage in your path'.
Mattera, 51, former chairman of the advisory board for mutual fund Praetorian Global Fund Ltd, pleaded guilty in October to charges of securities fraud, wire fraud, money laundering and conspiracy to commit securities fraud and wire fraud in connection with the scheme.
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