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...
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