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Lehman Brothers Broker Investigated for Misappropriating $25 Million
Frank Gruttadauria of the Cleveland, Ohio office of Lehman (and formerly with S.G. Cowen Securities, Cowen & Co. and Hambrecht & Quist) turned himself him to authorities recently.
Authorities now estimate that he bilked 110 accounts out of approximately $300 million over a 15-year period. He did so by falsifying brokerage account statements and utilizing bogus post office boxes for client addresses.
Source: Wall Street Journal, February 12, 2002
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