Florida man charged in NY investment-fraud case
A mutual fund chairman has been arrested in Florida on fraud charges brought in New York City.
John Mattera was arrested Thursday at his home in Fort Lauderdale, Fla., on charges that he duped people who invested millions of dollars with his Praetorian Global Fund Limited.
A criminal complaint filed in federal court in Manhattan accuses him of telling investors they would get early shares in companies such as Facebook Inc. and Groupon Inc.
The complaint says he didn't buy shares in those companies. It says he transferred millions of dollars into accounts to support a lavish lifestyle.
Court papers say Mattera spent some of the money on jewelry, interior decorating and luxury cars for himself and his family.
It was not immediately clear who would represent Mattera in court.