COLUMBUS, Ga. – A slick investment scheme promising access to pre-IPO shares of tech giants like Airbnb and SpaceX has allegedly defrauded investors out of hundreds of thousands of dollars, according to a federal indictment unsealed today. George Iakovou, 29, of New York, New York, is accused of running the fraudulent operation through his firm, Vika Ventures LLC, preying on the desire for early access to lucrative investments.
The indictment details a scheme spanning from December 2019 to December 2020, during which Iakovou allegedly told investors he had access to shares in private companies at specific prices, despite having no such access. He allegedly used forged documents and fake subscription agreements to convince victims to send funds to Vika Ventures’ bank accounts. The promised shares – for companies like Palantir, Coupang, and Stripe – never materialized. Two victims in Columbus, Georgia, are believed to have lost over $369,000 in the scam.
Iakovou is facing a hefty 19-count indictment, including one count of conspiracy to commit wire fraud, 17 counts of wire fraud, and two counts of engaging in monetary transactions involving criminally derived property. If convicted on all counts, Iakovou could face a maximum sentence of 20 years in prison and a $250,000 fine for the wire fraud charges, plus another 10 years and a $250,000 fine for the monetary transaction charges. He was initially apprehended at JFK International Airport on October 25 and released on a $1.5 million secured bond.
Adding to the legal woes, Penelope Zbravos, 27, of Queens, New York, Iakovou’s former financial manager at Vika Ventures, is charged with one count of misprision of a felony. Prosecutors allege Zbravos knowingly concealed the fraud by transferring funds from Vika accounts into accounts controlled by herself and Iakovou. If found guilty, Zbravos faces a potential four-year prison sentence and a $250,000 fine.
The U.S. Secret Service and the Securities and Exchange Commission (SEC) jointly investigated the case, uncovering what appears to be a systematic effort to exploit investor interest in the booming pre-IPO market. Investigators say Iakovou presented a façade of legitimacy, leveraging the appeal of high-profile companies to lure in unsuspecting investors. The case is being prosecuted by Assistant U.S. Attorney Christopher Williams.
Anyone who believes they may have been a victim of this investment fraud is urged to contact the U.S. Secret Service, Albany, Georgia, Resident Agency at 229-430-8442. It’s crucial to remember that an indictment is merely an accusation, and both Iakovou and Zbravos are presumed innocent until proven guilty beyond a reasonable doubt. Both defendants are scheduled to appear for initial appearances and arraignments in the Middle District of Georgia on December 14.
Related Federal Cases
- Marc Henry Menard, Investment Fraud Scheme, Mineola NY, 2023 · Pennsylvania
- Marc Henry Menard, Investment Fraud Scheme, New York, 2023 · Pennsylvania
- Leaford George Cameron, Mail and Wire Fraud, NJ 2024 · Pennsylvania
- Sark Wire Corporation, PPP Fraud, Albany NY, 2023 · Pennsylvania
- ATF Exposed in Waste and Fraud Scandal, Washington DC, 2026 · Pennsylvania
Key Facts
- Agency: U.S. Secret Service
- Category: Fraud & Financial Crimes
- Source: Official Press Release
Get the grimiest stories delivered weekly. Subscribe free
Browse More
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News