BT man coughs to Google share scam
PrintThe mind Boogles
Posted in Financial News, 18th May 2004 09:19 GMT
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A business development manager for BT faces more than five years in jail after pleading guilty to Google share scam. Dutchman Shamoon Rafiq, 30, told a US court yesterday that he did sell non-existent Google stock prior to the company's impending IPO.
He admitted that he told his victims that, due to his "connections", he was able to purchase the stock at a discount, even though Google hadn't confirmed its intention to float the company.
In all, Rafiq managed to con almost $3m (£1.7m) from a number of wealthy investors. He splashed the cash on a jet-set lifestyle including trips to strip clubs, expensive gifts and generous tips, according to Reuters.
Rafiq, who had been living in New York City since October 2003, was arrested in March. A BT spokesman confirmed that Rafiq used to work for the company but that he has has since been dismissed. ®
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