SEC Says $3M Facebook Pre-IPO Fraud Funded Day Trading

By Y. Peter Kang ( December 23, 2014, 10:23 PM EST) -- The U.S. Securities and Exchange Commission in California federal court on Tuesday accused a Santa Barbara-based man of raising $3.4 million from investors to buy pre-initial public offering shares of Facebook Inc. and Twitter Inc. and instead using the proceeds to fund his own money-losing day trading activities....

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