Gryphon Prez Arrested For Alleged $17.5M Stock Scam

Law360, New York (April 20, 2010, 6:54 PM EDT) -- Gryphon Holdings Inc.'s president and four associates were arrested Tuesday for allegedly defrauding clients of $17.5 million in fees by hyping their investment advisory company as a Wall Street firm headed by a billionaire guru, when it actually was run out of a strip mall in Staten Island, N.Y.

Kenneth Marsh, 43, and four other accused were scheduled to appear before a magistrate judge Tuesday afternoon in the U.S. District Court for the Eastern District of New York.

Marsh and the others bilked their largely elderly...
To view the full article, register now.