Mutual fund executive John Mattera, of Fort Lauderdale, Fla., pleaded guilty this week to three criminal counts, including conspiracy, securities fraud and wire fraud, in connection to an $11 million scam involving the sale of non-existent private shares in companies such as Facebook (FB) and Groupon (GRPN).

Mattera—who ran Praetorian Global Fund Ltd., which is registered in the British Virgin Islands—tried to plead guilty to a fourth count, money laundering, but U.S. District Judge Richard Sullivan stopped him, saying he was not sure that Mattera fully conceded his guilt in that crime. Judge Sullivan, of the U.S. District Court for the Southern District of New York, also denied Mattera’s request for bail, and instead immediately ordered him to jail to await sentencing on Feb. 1 where he could face a sentence of between 10 and 12 years.

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