Facebook traders charged by SEC

Two private funds established specifically to acquire Facebook shares have been charged by the Securities and Exchange Commission for “misleading investors and pocketing undisclosed fees.” The SEC claims the fund managers – Frank Mazzola and Laurence Albukerk – collectively raised more than $70m. The Commission also charged online trading platform SharesPost, which has been facilitating private trading of Facebook stock, for failing to register as a broker-dealer. SharesPost will pay fines of $80,000 and its chief Greg Brogger will pay $20,000.