The 17-page enforcement action accuses Gary J. Gross, 56, of churning clients' accounts with unauthorized and unsuitable trades, reaping $700,000 in the scheme, including buying risky penny stocks and other investments, the SEC said.
To cover up what he was doing, Gross doctored account records to make clients think they had more than they actually did, the agency said.
SEC: ‘Guru’ Bilked Faithful, Chabad Goers
BOCA RATON, FL — A self-styled investment guru accused of recruiting clients from a synagogue where he worshiped was charged with using ”abusive sales practices” to cheat them of hundreds of thousands of dollars, according to the U.S. Securities and Exchange Commission.
The 17-page enforcement action accuses Gary J. Gross, 56, of churning clients’ accounts with unauthorized and unsuitable trades, reaping $700,000 in the scheme, including buying risky penny stocks and other investments, the SEC said.
To cover up what he was doing, Gross doctored account records to make clients think they had more than they actually did, the agency said.