Frank Gruttadauria, the former Lehman broker who gave himself up to Federal investigators earlier this month after going missing on January 11th, has now been charged by the Securities and Exchange Commission of stealing $40m from clients.
The SEC alledge that Gruttadauria, 44, misrepresented the value of client holdings and 'in some instances Gruttadauria induced customers to give him funds by claiming that he had opened accounts for them when, in fact, no account ever existed for the client and he simply misappropriated the funds.'
The FBI confirmed that the former Lehman man somehow managed to obtain a false driver's license and rented an apartment in Colorado under a false name whilst on the run.
Ex-Lehman Worker Charged
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