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.
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