US charges two former Linqto CEOs over $450 million 'pre-IPO' fraud scheme, one pleads guilty

NEW YORK, Sept 2 : U.S. prosecutors announced on Wednesday criminal fraud charges against two former chief executive officers of Linqto over their alleged roles in a $450 million scheme to defraud thousands of investors hoping to cash in on private companies before they went public.William Sarris, 75, who founded Linqto and was CEO of the now-bankrupt Silicon Valley online investment platform for 14 years, was charged in Manhattan with six counts including securities fraud, wire fraud, broker-dealer fraud and conspiracy.Joseph Endoso, 66, who succeeded Sarris as CEO after serving as president, pleaded guilty to securities fraud, broker-dealer fraud and conspiracy charges and is cooperating with prosecutors.Prosecutors said Sarris exploited investors' difficulty in valuing companies such as