Middle Georgia victims among 50+ defrauded in multi-million dollar pre-IPO scam by New Yorker
A 30-year-old New York man was sentenced to 97 months in prison on Tuesday for a pre-IPO scam that swindled more than 50 investors, including two from the Middle District of Georgia, out of nearly $6 million.
COLUMBUS, Georgia (41NBC/WMGT) – A 30-year-old New York man was sentenced to 97 months in prison on Tuesday for a pre-IPO scam that swindled more than 50 investors, including two from the Middle District of Georgia, out of nearly $6 million.
A news release from the U.S. Attorney’s Office for the Middle District of Georgia says 30-year-old George Iakovou, the CEO of New York-based Vika Ventures LLC, was convicted of conspiracy to commit wire fraud. He’s not eligible for parole and faces three years of supervised release after his release from prison.
“George Iakovou’s financial scheme and lies harmed people, causing irreparable damage to his victims,” U.S. Attorney Peter D. Leary said. “Law enforcement at every level in the Middle District of Georgia will continue to do everything in our power to hold con artists accountable for their crimes.”
According to court documents, the U.S. Secret Service initiated the investigation in July 2021 after suspicions arose about Iakovou’s claims that Vika Ventures had access to pre-IPO shares in prominent companies like Palantir, Airbnb, SpaceX and Stripe. He promised investors the shares would be distributed after these companies went public and a six-month lockout period ended. However, it was discovered that Iakovou never had access to these shares.
“Iakovou established fake email domains, posed as representatives from private equity brokerage firms and created fake bank statements among other tricks to carry out his fraud scheme,” the news release said.
Iakovou rerouted the money to several accounts, including personal bank accounts, and used the money for private jet charters, cars, home furnishings, artwork, luxury clothing and accessories. He spent $135,528 on a 2021 Corvette Stingray and more than $500,000 on luxury watches, including $231,799 on a single Patek Philippe timepiece.
“George Iakovou’s greed will have an everlasting effect on the victims he defrauded,” Resident Agent in Charge of the U.S. Secret Service’s Albany, Georgia Resident Office, Clint Bush, said. “The United States Secret Service will continue to investigate, arrest and support the successful prosecution of the criminals who choose to commit this and other types of financial fraud in our community and around the nation.”
