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Former Politician Ran Ponzi Scheme Promising Investors He’d Get Pre-IPO Facebook Shares

A former politician who ran for governor back in 1994 has pleaded guilty to defrauding investors in a textbook example of a Ponzi scheme. Craig Berkman admitted that he’d told investors he could get the jump on pre-IPO shares of Facebook, as well as LinkedIn, Groupon and Zynga. [More]