Woman Accused Of Selling Fake Facebook Stock

Posted on Feb 6 2012 - 8:41am by Editorial Staff

Selling fake stocks and doing forgery and that too of none other than social networking giant Facebook stocks – a Wisconsin, US based woman has been charged with theft over accusations she tried to profit from Facebook’s upcoming IPO – with the selling of fake stocks. Facebook last week only announced its $5 billion IPO – which according to analyst will cap the valuation for the company at $10 billion.

Prosecutors said Marianne Oleson told acquaintances she obtained $1 million in stock because her daughter was an acquaintance of Facebook’s founder, and persuaded several people to buy fictitious Facebook stock over a four-month period in a criminal complaint on Thursday. The Oshkosh woman was charged with 31 counts of theft, forgery and making misleading statements.

The complaint against Oleson said, “One of the people to whom she was accused of selling fake stock was a contractor who did work at her house in September. Oleson paid the contractor for the work with $13,980 worth of fake Facebook stock, the complaint alleged. The contractor, who also paid $10,000 in cash to the woman for additional stock, grew suspicious when he found she lied about her name and various oddities on documents referring to the transaction.”

According to the district attorney, the man gave Oleson four checks totaling about $43,000 late last year to pay for Facebook stock. The woman promised him, “She would send stock certificates in the mail, the complaint said. It also accused Oleson of selling fake Facebook stock to two other men for a total of $9,900.”

(Image Source: Facebook, Featured Image)

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Editorial Staff at I2Mag is a team of subject experts led by Karan Chopra.