Lawyer gets 46-month sentence in Facebook IPO, fraud schemes
TRENTON, N.J. (AP) -- Federal prosecutors say a southern New Jersey attorney is headed to prison for his role in a scheme that defrauded investors in connection with a Facebook IPO and several real estate deals.
Fred Todd, of Lakewood, received a 46-month sentence on Tuesday. He also must pay $6.53 million in restitution and will have to serve three years of supervised release once he's freed from prison.
Todd had pleaded guilty last September to conspiracy to commit wire fraud and transacting in criminal proceeds.
Prosecutors say the 61-year-old Todd and two other men stole millions from two investors by claiming they had special access to Facebook shares before the company went public. They also defrauded the victims through real estate schemes in Florida.
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