Criminal Justice
Lawyer pleads guilty in alleged Facebook investor fraud
A New Jersey lawyer has pleaded guilty in an alleged scheme to defraud investors with fake Facebook shares sold before the initial public offering.
Lawyer Fred Todd, 61, of Lakewood, New Jersey, pleaded guilty on Tuesday to one count of conspiracy to commit wire fraud and one count of transacting in criminal proceeds, according to a press release. The New Jersey Law Journal and the New Jersey Star-Ledger have stories.
Todd was accused of conspiring to obtain $8 million from investors for the phony Facebook shares and for a Florida apartment building that was never purchased. He practices law in Seaside Heights, New Jersey, and Los Angeles.
Two co-defendants have already pleaded guilty.
