SEC v ROBERT L. GRAY - Legal Case Documents


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SEC v ROBERT L. GRAY

Keywords & Phrases

CaseNo: LR-15782, CourtCode: DIS, CourtName: DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK ENTERED A DEFAULT, Defendant: Robert L. Gray, Plaintiff: SEC, State: NY New York, UniqueCaseRef: SEC>LR-15782, Gray, Securities, Clients, Act, Investment Advisers, Exchange, Commission, Advisory, Violating, Complaint, Registered Broker-dealer, Provisions, Alleges, Failing, United States, Robert, District, Misappropriating, Contracts, Funds, Thereunder, Criminal History, According, Engaging, Foregoing, Securities Industry, National Association, Securities Dealers, Prior Acts , ContentID: 120242288

Case Documents

1998-06-15

SEC LITIGATION RELEASE
[ see first page and extracted highlights below ] ItemID: 105381

2 pages
TXT

Total Documents: 1 document , 2 pages

Price: $ 19.95

IVESLCD01 KGI0001

1 . SEC LITIGATION RELEASE

EXTRACTED KEY WORDS

SECURITIES
CLIENTS
ACT
INVESTMENT ADVISERS
EXCHANGE
COMMISSION
ADVISORY
VIOLATING
COMPLAINT
COURT
REGISTERED BROKER-DEALER
PROVISIONS
ALLEGES
FAILING
UNITED STATES
ROBERT
DISTRICT
MISAPPROPRIATING
CONTRACTS
FUNDS
THEREUNDER
CRIMINAL HISTORY
ACCORDING
ENGAGING
FOREGOING
SECURITIES INDUSTRY
NATIONAL ASSOCIATION
SECURITIES DEALERS
PRIOR ACTS







     UNITED STATES SECURITIES AND EXCHANGE COMMISSION


     Litigation Release No.  15782  / June 15, 1998

     SECURITIES AND EXCHANGE COMMISSION v. ROBERT L. GRAY, 97 Civ. 5732
(LAK)
     (S.D.N.Y.)

          The Commission announced that on June 8, 1998, the United States
     District Court for the Southern District of New York entered a default
     judgment against Robert L. Gray ( Gray ), an unregistered investment
     adviser and a convicted felon whom the Commission charged with
defrauding
     his advisory clients and a registered broker-dealer.  The court
permanently
     enjoined Gray from violating the antifraud provisions of the
Securities
     Exchange Act of 1934 and various registration, books and records, and
other
     provisions of the Investment Advisers Act of 1940.  The court also
ordered
     Gray to disgorge $121,654, representing his ill-gotten gains, plus
$48,071
     in prejudgment interest.

          The Complaint, filed on August 1, 1997, alleges that, from
January
     1993 through June 1996, Gray misappropriated a total of $121,654 from
     advisory clients who had given Gray money to purchase securities on
their
     behalf.  The Complaint also alleges that Gray engaged in  free-riding
at
     the expense of a registered broker-dealer, Robb, Peck, McCooey
Clearing
     Corporation, by failing to pay for over $1 million in securities that
Gray
     bought through that brokerage firm ostensibly for his clients.  The
     Complaint further alleges that Gray violated provisions of the
Investment
     Advisers Act of 1940 by (a) failing to maintain required investment
     advisory records; (b) failing to furnish clients with required written

SNIPPETS:

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

The Commission announced that on June 8, 1998, the United States District Court for the

The court permanently enjoined Gray from violating the antifraud provisions of the Securities

Exchange Act of 1934 and various registration, books and records, and other provisions of the

The Complaint also alleges that Gray engaged in free-riding at the expense of a registered

by failing to pay for over $1 million in securities that Gray bought through that brokerage

Advisers Act of 1940 by failing to maintain required investment advisory records; failing to

According to the Complaint, by engaging in the foregoing conduct, Gray violated Section 10of

206-2 and 206-4 thereunder.

Gray was barred from the securities industry by the National Association of Securities

and 1993 of crimes related to prior acts of misappropriating funds.


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