In a recent article from the
Agoura Hills Patch, it is reported that Dean P. Gross, a 50-year-old Agoura Hills man, was
sentenced to seven years in prison for allegedly running a
Ponzi scheme through his Bridon Entertainment business. The investigation into the
case revealed that 29 investors allegedly lost a collective $15.4 million,
and Gross has been ordered to pay restitution for what was lost.
According to the allegations against him, Gross lured investors in with
the possibility of big returns investing in advertising space and time
that would later be sold to larger corporations. Gross allegedly told
investors that he could purchase the ad slots at a discount and that he
had connections with large, well-known businesses who would then buy the
ads. Gross also allegedly told investors that he had a wealth of experience
in the advertising industry, which is why he had so many connections and
could offer the investments at such a discount.
Unfortunately for the 39 investors who reportedly handed over more than
$35 million, Gross was accused of using investors’ cash to pay off
prior investors and for his personal use. Investigators say that Gross
lied about his connections and that no returns paid to investors came
from the sale of advertising. Gross is accused of spending millions of
investors’ dollars on himself, including the expense of building
his own vacation home.
Ponzi schemes and investment scams aren’t always easy to spot, and
even experienced investors can get caught up in a deal that’s “too
good to be true.” If you have become the victim of investment fraud
or stockbroker misconduct, reach out to an experienced Ponzi scheme attorney
today for guidance. Your first consultation with us is free.