Craig 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.