Fake Uber, Twitter IPO investor cheats people out of $18M, buys luxury cars

A US-based investment firm's head, who lied about having access to shares in companies like Uberand Twitter ahead of their initial public offerings, has admitted to cheating over 50 investors out of $18 million. Frederic Elmaleh and Elm Tree Investment Advisors COO Ahmad Naqvi used the money for their personal spendings, including a $1.75-million house, a Bentley and Maserati. read more at BloombergQuint

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