Trending: One year later, Microsoft AI and Research grows to 8k people in massive bet on artificial intelligence

facebookCraig Berkman, an Oregon politician who ran for governor in 1994, was sentenced to six years in a federal prison for fooling investors.

From 2011 to 2012, Berkman told investors he would use their money — $13 million in total, including some from longtime friends — to purchase a number of stocks from pre-IPO companies like Facebook, LinkedIn and Groupon, of which Berkman said he had access to.

But the 73-year-old never had those shares. Berkman actually used part of that $13 million to repay other investors he had already fooled in an earlier scam. Then, he used $1.6 million for himself, according to The Oregonian.

Berkman, who was arrested in March, unsuccessfully ran for governor in 1994. He’s also the former head of the Oregon Republican Party.

Like what you're reading? Subscribe to GeekWire's free newsletters to catch every headline

Comments

Job Listings on GeekWork

Find more jobs on GeekWork. Employers, post a job here.