Indian-origin investment advisor to be sentenced for committing $9 Million FB Stock Fraud

Gignesh Movalia pleaded guilty before US Magistrate Judge Anthony Porcelli, the Middle District of Florida, to one count of investment advisor fraud. Founder and manager of OM Global Investment Fund, Movalia began soliciting investments in 2011 by touting access to IPO shares of Facebook, and admitted to allegations including using USD 9 million of the amount raised for “side-pocket” investments.

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