A Chelsea man who ran a scam that claimed to put investors? money into Facebook?s IPO and other investments has been ordered to pay nearly $7.3 million.
Gary J. Martel pled guilty in U.S. District Court last month to selling fictitious investment products. Through companies he called Martel Financial Group and MFG Funding, Martel took money from investors who believed he was investing in social media giant Facebook?s IPO, pass-through bonds, mortgage-related securities and other investments.
An investigation by the U.S. Securities and Exchange Commission found that Martel was instead keeping the money and using it for himself.
The SEC claimed Martel ripped off investors in Massachusetts, Vermont, New Hampshire, New York and Florida.
The court?s final judgment, issued Monday, orders Martel to pay $3.3 million in disgorgement of profits he made as a result of the fraud, $695,800 in interest and a civil penalty of $3.3 million.
Source: http://feeds.bizjournals.com/~r/bizj_boston/~3/BIr546IWj6Q/chelsea-mans-facebook-fraud.html
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