MIAMI (CN) – A Boca Raton-based securities dealer for Axiom Capital Management targeted elderly Jewish people in a $2.7 million scam from which he netted $700,000 by churning and fabricating their accounts, the SEC says in Federal Court.
Gary J. Gross preyed on “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 says.
Gross, 56, lives in Far Rockaway, N.Y. When he ran the scam in Florida from 2003 through 2007 he lived in Boca Raton and was a registered rep with Axiom, the SEC says. He is still a licensed securities dealer though he is “not currently associated with a broker-dealer”.