George Iakovou, Conspiracy to Commit Wire Fraud, New York 2023

COLUMBUS, GA – A New York City CEO is facing up to two decades behind bars after admitting to running a multi-million dollar pre-IPO investment scam that fleeced over 50 investors nationwide. George Iakovou, 30, of New York, New York, pleaded guilty to one count of conspiracy to commit wire fraud on August 8 before U.S. District Judge Clay Land. Sentencing is scheduled for December 19.

Iakovou, the former CEO of Vika Ventures LLC, a self-described boutique venture capital firm, promised investors access to coveted pre-IPO shares in high-flying companies like Palantir, Airbnb, SpaceX, and Stripe. He claimed Vika would distribute these shares after a mandatory six-month lockout period following the companies’ initial public offerings. The reality, investigators found, was a complete fabrication. Iakovou never possessed, nor ever intended to acquire, the shares he was selling.

“George Iakovou defrauded more than 50 people from around the country of millions of dollars, using these stolen funds to buy luxury items and travel in private jets,” stated U.S. Attorney Peter D. Leary. “This jet-setting con artist will now be held accountable, thanks to the hard work of the Secret Service, working in conjunction with our office.” The U.S. Attorney’s office revealed that between January 2020 and December 2021, Iakovou raked in approximately $5,958,505 from unsuspecting investors, including two victims in the Middle District of Georgia.

The scheme was elaborate. According to court documents, Iakovou created fake email domains, impersonated representatives from legitimate private equity firms, and even manufactured bogus bank statements to maintain the illusion of legitimacy. The U.S. Secret Service (USSS) began investigating in July 2021, uncovering a trail of deceit and lavish spending. The investigation, led by Resident Agent in Charge Clint Bush of the USSS Albany, Georgia office, revealed Iakovou used the stolen funds to fuel a conspicuously opulent lifestyle.

Iakovou’s spending spree included a $135,528 2021 Corvette Stingray, over $500,000 in luxury watches—including a single Patek Philippe timepiece costing $231,799—and a steady stream of private jet charters, high-end home furnishings, and designer clothing. “George Iakovou is another example of how fraudsters are getting more sophisticated with their schemes to steal money,” Bush stated. “Iakovou created a fictitious capital firm for the sole purpose of defrauding American citizens… Iakovou’s greed will have an everlasting effect on the victims he defrauded.”

If convicted, Iakovou faces a maximum sentence of 20 years in prison, to be followed by three years of supervised release and a $250,000 fine. The Securities and Exchange Commission (SEC) has also filed a related civil action against Iakovou. The case is being prosecuted by Assistant U.S. Attorney Christopher Williams. The USSS continues to investigate financial fraud cases across the country, vowing to hold accountable those who prey on investors.

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