NEW YORK (CBSMiami/AP) – A Fort Lauderdale mutual fund executive, accused of blowing investors’ money on luxury items like expensive cars and jewelry, has been sentenced in New York to 11-years in prison.

John Mattera was sentenced by Judge Richard Sullivan Friday in a federal court in Manhattan.

Mattera is accused of promising investors early shares of Facebook and Groupon stocks, claiming he owned more than a million shares of both. Instead he spent the money on lavish luxury items for himself and his family. Those items included expensive jewelry, private jets, a boat and luxury cars.

The Fort Lauderdale man was arrested in November 2011. He was accused of duping people who invested millions of dollars with his British Virgin Islands-based Praetorian Global Fund Limited.

(TM and © Copyright 2013 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)


Leave a Reply

Please log in using one of these methods to post your comment:

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

More From CBS Miami

What Are People Talking About?
Weather Forecast 24/7Check for current temps and what to expect throughout the day

Watch & Listen LIVE