Gignesh Movalia—Investment Advisor Fraud
Gignesh Movalia Allegedly Engaged in a $9 Million Investment Fraud Scheme Involving Facebook Stock
Gignesh Movalia, from Tampa, Florida, and a registered investment advisor, allegedly engaged in a $9 million investment fraud scheme involving Facebook stock, according to FBI Documents currently under review by attorneys Jason Kane and Joe Peiffer.
Furthermore, Movalia, the founder and manager of OM Global Investment Fund LLC, allegedly “side pocketed” investors and used funds designated exclusively for the purchase of Facebook shares for other investments, which he then concealed from said investors, the FBI further notes.
The Peiffer Wolf Carr & Kane securities rights lawyers are currently investigating Gignesh Movalia, who, according to FBI documents, pleaded guilty to one count of investment advisor fraud. The Peiffer Wolf Carr & Kane securities rights lawyers believe they may be able to assist some investors recover lost money.
Gignesh Movalia AllegedlyBegan Soliciting Investments for the OM Global Fund By Purportedly Promoting Access to Pre-Initial Public Offering (IPO) Shares of Facebook
Gignesh Movalia allegedly began soliciting investments for the OM Global Fund by allegedly promoting access to pre-initial public offering (IPO) shares of Facebook Inc., according to FBI Documents presently being examined by attorneys Jason Kane and Joe Peiffer.
The FBI goes on to allege that Movalia, by the end of 2012, had allegedly raised more than $15 million for the OM Global Fund, and that more than $9 million of the amount raised was for “side pocket” investments, which Movalia allegedly represented were to be used exclusively for purchasing of Facebook shares.
Lastly, Movalia allegedly admitted that he made material misrepresentations and omissions to investors in order to mislead them about the nature and value of their investments in the OM Global Fund, according to the FBI.
Securities Rights Lawyers Investigating
The Peiffer Wolf Carr & Kane securities rights lawyers often represent investors who lose money as a result of alleged Ponzi schemes. They are currently investigating Gignesh Movalia for allegedly operating an investment fraud scheme. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of Gignesh Movalia for allegedly operating an investment fraud scheme may contact the investment rights lawyers at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free no-obligation evaluation of their recovery options, at (585) 310-5140. The Peiffer Wolf Carr & Kane securities rights lawyers believe that they may be able to assist some investors recover money they lost, and encourage investors to contact them.