SEC

SEC Issues $3.08M in Fines Over Pre-IPO Facebook, Twitter Share Sales

Efstratios “Elias” Argyropoulos and his firm Prima Capital Group were ordered to pay $3.08 million in fines and disgorgement of profit plus interest for allegedly misappropriating $3.5 million from investors who thought they would receive shares in Facebook Inc. (FB) and Twitter Inc. (TWTR) before their initial public offerings.