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Boca Raton, FL - SEC: 'Guru' Billked Chabad 'Mispallelim' |
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Boca Raton, FL - The Securities and Exchange Commission this morning sued a South Florida broker who allegedly preyed on elderly, predominantly Jewish investors.
The SEC claimed that the broker, Gary J. Gross, defrauded clients, churned their accounts and fabricated account values.
The alleged scam garnered him $700,000 in fees and commissions while causing client losses of $2.7 million, the SEC said.
Mr. Gross was profiled by a handful of publications and his scam was reported reported by VIN News.
Mr. Gross had a number of elderly Jewish clients who were devoted to him.
One was the rabbi at his synagogue, and another was a Holocaust survivor who met the broker at a Jewish scholarship dinner.
''I was suicidal when I found out,'' said Sheila Kramer, 72, of Deerfield Beach, who lost $1 million.
Nearly a dozen investors said they trusted Gross, in part because of the devotion he showed to Orthodox Judaism, promoting himself as mishpoche: part of the family. Sometimes, he would wear his prayer shawl to the office, literally cloaking himself in Yiddishkeit
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Read Comments (21) — Post Yours »
1
Sep 23, 2008 at 01:06 PM seer Says:
it is quite possible he churned the investments as the market was weak.thus the losses. in a weak market people lose .
2
Sep 23, 2008 at 01:05 PM Anonymous Says:
now lives in Far Rockaway
3
Sep 23, 2008 at 01:23 PM Frumyid Says:
This guy has no soul. Stealing from elderly holocaust survicvors
4
Sep 23, 2008 at 01:19 PM Anonymous Says:
the talis at work is a dead give-away
5
Sep 23, 2008 at 01:32 PM Anonymous Says:
All of this is narishkeit. It is not true and blatant lies from a known anti- semite in Florida. He would never wear a tallis to work, how low and silly would that be?
6
Sep 23, 2008 at 01:41 PM mccain palin 08 Says:
I always said that but people are way to naive.
the choftz chaim says that you be wary of those who hide under religion so people should think they are holy
7
Sep 23, 2008 at 01:41 PM Anonymous Says:
he does not live in far rock.his kids do.they are both great guys...dont start silly rumors.
8
Sep 23, 2008 at 01:40 PM Anonymous Says:
to frumyid
stealing from a non-survivor is ok
9
Sep 23, 2008 at 01:40 PM Anonymous Says:
I'm sure they don't mean talis. They're probably talking about wearing tzitzis in the office.
10
Sep 23, 2008 at 02:13 PM Use your head Says:
It's funny how people go nuts when it comes to a sin like homosexuality, but when it comes to business and financial crimes people are less concerned. Sure, homosexuality is called "to'evah", but if you read the Chumash (end of Parashas Ki Saytzay) - you will find that dishoness business dealings are referred to as "to'avas Hashem". So I think we have our priorities rather corrupted.
11
Sep 23, 2008 at 02:26 PM Anonymous Says:
his son lives in far rockaway not him
12
Sep 23, 2008 at 03:51 PM frummy Says:
It's funny how people go nuts when it comes to a sin like homosexuality, but when it comes to business and financial crimes people are less concerned.
And how about bugs in water, wigs from India, going to a Lipa concert, listening to music?
Stealing must be ok because some rabanim are so farshtupt in it themselves that they refuse to talk about the subject. And molestors is also ok in our community as long as the guy is not from wall street.
13
Sep 23, 2008 at 04:21 PM dzm Says:
This wasn't a scam
14
Sep 23, 2008 at 04:15 PM Anonymous Says:
there are no priorities or prefernces in aveiros. all are bad and should be dealt with accordingly. i am sure that there are plenty of erliche rabonim who are trying as best they can to control them. it is only when dealing with an eveira becomes a kardom lachpor bah, that it is wrong.
15
Sep 23, 2008 at 04:52 PM NY ATTORNEY Says:
People are innocent until proven guilty in this country and according to halacha.
16
Sep 23, 2008 at 04:46 PM Use your head Says:
Lo saGURU mip'nei ish - don't think someone is an expert just because he gives an impressive appearance.
17
Sep 23, 2008 at 10:14 PM bigwheeel Says:
NY ATTORNEY 4:52PM. ...People are innocent until proven guilty in this country and according to Halacha... ...But the losses of hard earned money are real. And the "Broker" continues his daily life undisturbed. Personally, I don't know how he can face those people whose fortunes were wiped out!!!
18
Sep 24, 2008 at 12:51 AM Ryan says Says:
I was a stockbroker for many years! I never received a single complaint from a client. However,
many clients lost considerable fortunes thru incompetent but well meaning brokers. Todays Banks and Investment Banks are an example of mismanagement knowledge of esoteric products.
The people should have been more careful with whom they trusted their monies. If there was fraud or "inappropriate investments under the exchange "KNOW YOUR CUSTOMER RULE" the broker should be taken to arbitration.
In this market many, many competent brokers have lost most of their clients' money. We are suffering a complete breakdown of America's asset base for over a year!!!!!!!!!!!!!!!!!!!
19
Sep 24, 2008 at 09:28 AM Big Mike Says:
What I see are gonoovim are basically tolerated in the frum community.
20
Sep 24, 2008 at 04:34 PM Commentator ben Torah haTzaddik Says:
I hope he has a full collection of gedolim pictures on the walls of his office and did the deals with his tefillin on in shul during davening,That gives the transactions brochas.
21
Sep 24, 2008 at 06:26 PM guy Says:
For almost 20 years I took brokers to arbitration. In New York the odds of winning are only 18% of the cases that go to trial. Most are settled for pennies, though elderly people do get a better shake than middle aged people even when the broker broke the Know you customer rule to both.