(Bloomberg) — The head of an investment firm who claimed to have access to shares in tech companies like Uber Inc. and Twitter Inc. ahead of their initial public offerings admitted swindling investors out of more than $18 million.Fred Elm, 51, the founder of Fort Lauderdale, Florida-based Elm Tree Investment Advisers, pleaded guilty to conspiracy and securities fraud charges in Manhattan federal court on Friday, agreeing to forfeit more than $8.3 million. Prosecutors have agreed to seek a maximum prison term of 17-and-1/2 years and a fine of no more than $400,000 when Elm is sentenced on Aug. 7.According to …read more
Source:: Yahoo Finance
