Federal prosecutors say a Montecito man promised investors he could get them stock in companies like Facebook, Etsy, and Twitter before it was offered to the public. But, they say it was a scam, and the man is now headed to federal prison.
Elias Argyropoulos diverted his victims money to things like cars, insurance, and gambling.
Argyropoulos owned a company called Prima Ventures, based in Santa Barbara. Prosecutors say many of his victims were people he met at church gatherings. They say he used some of his initial victims who though the investments were real to recruit other unsuspecting victims. Investigators identified 130 victims.
He pled guilty to one count of wire fraud. The 73 year old man has been sentenced to three years in federal prison, and ordered to pay $3.4 million dollars in restitution.
