Want To Buy Facebook Stock? Well, So Does Everyone Else
The impending initial public offering of Facebook has a lot of people excited - and vulnerable. Accordingly, the Securities and Exchange Commission is issuing scam warnings over the sale of purported shares in the IPO, which is forecast to raise Facebook's worth to almost $100 billion. According to Time Moneyland, unless you're a Facebook executive or have a lot of market punch, any offer you receive to buy into the IPO may be deceptive. The SEC has already busted up several Facebook scams operated by crooks who take cash from anxious investors, but don't even have access to the IPO itself. “We've seen cases where fraudsters have told investors that they have special access to pre-IPO shares when in fact they've never owned them,” Moneyland quoted an SEC official as saying. The operative phrase here: Caveat Emptor.