SEC Files Charges Against Lehman Brothers Stockbroker
February 25, 2002
The Securities and Exchange Commission (SEC) filed fraud charges last week against Frank Gruttadauria, the former Lehman Brothers stockbroker accused of stealing millions of dollars from unsuspecting clients. According to the SEC complaint filed in Federal court in Cleveland, Gruttadauria misrepresented the value of at least fifty accounts, swindling over $40 million from clients.
Officials believe the broker may have stolen over $125 million during a fifteen-year period with Lehman and SG Cowen Securities Corp. Gruttadauria admitted to stealing from client funds and falsifying account statements. A hearing is scheduled for Tuesday.
-- Article Courtesy of InjuryBoard.com
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