Broker charged with stealing thousands from interested Facebook investors: DA
The Manhattan DA indicted a securities broker Thursday for allegedly stealing hundreds of thousands of dollars from investors who thought they were getting a piece of Facebook.
Ronen Zakai, 42, was charged with grand larceny, securities fraud and scheme to defraud for his alleged scam that lasted between December 2010 and January 2012.
During that time, Zakai gathered $705,000 from five investors, two of whom used their retirement savings, and told them he was going to invest in Facebook's initial public offering that went live in May 2012, the DA said.
He allegedly spent the money instead on car payments, a country club membership, traveling and shopping.