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Former Oregon Gubernatorial Candidate Charged In Facebook IPO Scam

Craig Berkman, the former Oregon gubernatorial candidate, has been charged by the Securities and Exchange Commission for selling non-existent shares in Facebook, LinkedIn, Groupon, and Zynga. According to the SEC, Berkman--who was the former chairman of Oregon's Republican Party defrauded investors by telling them he had access to pre-IPO Facebook stock. The SEC's Director of its New York Regional Office, Andrew M. Calamari, said that "Berkman blatantly capitalized on the market fervor preceding highly anticipated IPOs of Facebook and other social media companies," to "fleece investors." This is not Berkman's first brush with the law: Berkman previously had run into legal issues over three, venture capital funds where he apparently withdrew funds for his own use; he later relocated to Florida to avoid selling his house to pay a legal settlement.


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