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IPO Oh No

IPO Oh No

Randos Still Getting Busted for Alleged Dumb Facebook Stock Scams

Who you callin nerd (Photo by Kevork Djansezian/Getty Images)

Apparently, a year later, we’re still not done with the fallout from the Facebook IPO. The Manhattan District Attorney has just indicted Ronen Zakai, a former stockbroker, for an alleged scheme to defraud his pals with promises of Facebook shares.

He’s accused of soliciting $705,000 for something called the “Social Innovation Fund,” promising to use the money to buy Facebook stock and then… not. Instead, the D.A. says, he allegedly used the money “on various expenses – including country club membership fees, car payments, traveling, and shopping trips – and through large cash withdrawals.” Read More

IPO Oh No

GM Reportedly Pulling Paid Ads From Facebook Just Days Before IPO

Hang in there just like that kitten on the poster, Mr. Zuckerberg. (flickr.com/gpaumier)

If this is true, Facebook’s advertising issues just got a little bit worse. The Wall Street Journal reports that, according to “people familiar with the matter,” GM is pulling paid ads from the social network, because their marketing execs have decided they’re just not effective enough.

And here everyone was worried about the company’s lack of a long-term mobile strategyRead More