Fred Todd, a 61-year old attorney, has been found guilty of bilking would-be Facebook IPO investors out of millions of dollars.

Todd bilked two would be investors by offering Facebook shares before they were officially offered. He was sentenced to 46 months in jail and ordered to pay 6.53 million in restitution.

Todd, along with Eliyahu Weinstein and Aaron Glucksman, offered the victims large blocks of stock, which would have increased in value at the time of the IPO. However, the co-conspirators did not have access to the stock and used the funds for their own personal use. The court affirmed that they "stole the money."

Facebook launched its IPO at $42 a share, dropped to $38.37 and would have cost the investors a loss. However, if they had held on, they would have made out like bandits as Facebook currently sits at $76.74.