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.