Cops & Crime
Wed May 23, 2012
Accused Facebook Stock Scammer Vanishes
Arrest warrants are in force for an Overland Park, Kan. man who allegedly had considerable success scamming banks and intended investors in Facebook shares.
The Facebook arrangement brought scrutiny from federal investigators.
Ronald Catrell is accused of cheating investors by offering shares of the social media company before its initial public offering, at less than $24 a share.They closed today at 31.
Charges say the defendant took investors money and gave nothing in return.
The loss in those cases pales by comparison to the bank scams.
Catrell faces federal charges of taking three banks for millions of dollars in loans using non existent collateral.
The FBI took interest when the defendant failed to appear this week for a pair of federal district court hearings, one to revoke his bail bond, the other anticipating he would enter a plea in his criminal case. According to the authorities, Catrell was seen Sunday at his home and not since.