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Indian descent investment adviser admits to $9M Facebook stock fraud

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9 years ago

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New York: An investment adviser of Indian descent has admitted to a $9million-fraud involving Facebook stock Thursday, the Federal Bureau of Investigation announced.

Gignesh Movalia, the founder of OM Global Investment Fund, pleaded guilty in Tampa before Federal Magistrate Judge Anthony E. Porcelli to one count of investment advisor fraud. He is to be sentenced later.

Federal Prosecutor A. Lee Bentley III said Movalia solicited investments in his fund claiming that he could get shares of Facebook before its initial public offering. He raised more than $15 million, of which $9 million was buying Facebook shares. However, Bentley said in a statement, Movalia used the $9 million for other investments and hid this from the investors.

Ultimately, OM Global Investment Fund lost $9 million and went broke, Bentley said.

Last year in June in a separate civil suit filed by the Securities and Exchanges Commission, Federal Judge Jose E. Martinez in Miami ordered Movalia and OM Investment fund to pay up $1.729 million in illegal profits and fined him $300,000.

In additon to the Facebook stocks fraud, the SEC had also accused him of making improper loans to third parties and creating an institution with a name similar to OM Investment Funds to evade monitoring by a Florida state court and using it to solicit funds.

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Apple is giving a huge discount on its gadgets: Details inside

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2 years ago

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May 5, 2022

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If you want to buy an iPhone and were waiting for a nice offer, then we have a piece of good news for you! Amazon Summer Sale May 2022 has begun and they are offering major discounts on various smartphones, laptops, and smart TVs, among others.

The sale is live now on the e-commerce platform with no-cost EMI options and exchange discounts on various products. In addition to this, Amazon has also partnered with several banks including ICICI, Kotak Bank, and RBL so that customers get instant discounts of up to 10% using their cards and EMI transactions.

Customers can easily enjoy this summer sale and get massive discounts on iPhones. They can also compare prices on Flipkart Big Saving Days Sale 2022 before making a purchase.

 

Amazon Summer Sale May 2022: Discount offer on iPhone 13 

Apple’s coveted phone model iPhone 13 in the 128 GB storage model will be available during the Amazon Summer Sale May 2022 for Rs 64,900. The MRP of the phone is Rs 79,900. This means that the customers will be able to enjoy a discount of up to Rs 15,000 on the purchase of the iPhone 13.

If you have an old iPhone in working condition then you will also be eligible to receive another additional discount worth up to Rs 17,000 on the iPhone 13.

Buy at Rs. 64,900 (MRP – Rs. 79,900)

Features of Apple iPhone 13 

The iPhone is powered by an A15 Bionic processor with 6 core CPU. Apart from this, it has 16 core neural engines. With the iPhone 13, up to 512 GB of storage will be available. The iPhone 13 has a 6.1-inch Retina XDR display with 1000 nits brightness.

The iPhone 13 has a 12-megapixel dual rear camera setup. This time a new wide-angle camera has been given, whose aperture is f/1.6. With this, there is support for sensor optical stabilisation. Night mode has been made better than before. The second lens is also 12 megapixels ultra-wide and has an aperture of f/2.4.

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