SPENDING G'S

Mutual Fund Scammer Gets 11 Years

For spending investors' money on mansions, cars, and jewelry.

A former mutual-fund manager who used millions of dollars of his investors’ money to splurge on a waterfront mansion, jewelry, and more has been sentenced to 11 years in prison. John Mattera, a 51-year-old from Florida, pleaded guilty to charges of conspiracy and money laundering (among others) after spending virtually all of the funds from his “British Virgin Islands Global Fund”—which he lured investors into with the promise of Groupon and Facebook shares. U.S. District Judge Richard Sullivan condemned Mattera for his actions in court Friday, calling his crimes “selfish” and “callous.” Among his victims is a woman who lost $100,000 of her savings that she planned to use for her sons’ college education.