Securities Broker Defrauded Seniors Of $2.7M: SEC

Law360, New York (September 23, 2008, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has charged a former stock broker at Axiom Capital Management Inc. of defrauding senior citizens through a variety of abusive sales practices that netted him more than $700,000 while causing his customers to lose more than $2.7 million.

“Many of Gross' victims were elderly Jewish investors who trusted Gross based on his statements that he was involved in the Jewish community and their perceived personal relationships with him,” the SEC said in a complaint filed Monday in the U.S. District...
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