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Facebook, Twitter IPO Scammer Gets 3-Year Sentence

Tiomkin Law Offices of Elliott Tiomkin > Legal News  > Facebook, Twitter IPO Scammer Gets 3-Year Sentence

Facebook, Twitter IPO Scammer Gets 3-Year Sentence

Law360 (August 31, 2020, 10:44 PM EDT) — A money manager was sentenced Monday in California federal court to 36 months in federal prison for scamming investors out of millions of dollars with empty promises to buy them pre-initial public offering shares of Facebook Inc. and Twitter Inc.

Efstratios “Elias” Argyropoulos, 73, of Montecito, pled guilty to one count of wire fraud in June 2019. U.S. District Judge George H. Wu sentenced him Monday and also ordered him to pay just over $3.4 million in restitution to victims.

Argyropoulos also admitted to willfully violating a January 2015 court order prohibiting him from selling fraudulent investments and acting as an…

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