Overland Park, Kansas man is indicted for selling bogus Facebook stock

Overland Park, Kansas man is indicted for selling bogus Facebook stock

Ronald Catrell of Overland Park, Kansas faces fraud counts for an alleged scheme to sell fake investments in social networking company Facebook Inc. 

A U.S. Attorney said late Friday that Ronald Catrell, 45, had been charged with three counts of bank fraud, one count of money laundering, one count of wire fraud and one count of aggravated identity theft.

Catrell allegedly set up Blue Valley Capital Management LP. He then told investors he could buy Facebook stock through Goldman Sachs. At the time Facebook actually was not publicly traded. Victims gave Catrell thousands to buy the bogus Facebook stock.

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