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Ft. Lauderdale Man Sentenced To 11 Years In Prison For Investment Fraud

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(Source: CBS4)

(Source: CBS4)

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South Florida Crime

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 This material may not be published, broadcast, rewritten, or redistributed.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.)

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