Gryphon charged clients as little as $99 and as much as $250,000 for access to its investment recommendations, according a related lawsuit by the U.S. Securities and Exchange Commission. The company falsely claimed to have a trading desk, a $1.4 billion hedge fund and an endorsement from George Soros, the billionaire hedge-fund manager, the government said.
Before joining Gryphon, Anderson sold beds made by Craftmatic Industries Inc., he told Weinstein today.
"You gotta do those trades, that's how you're gonna pay your balance and put money in your pocket," Anderson said in pitching a $25,000 Gryphon advisory plan to a client who already owed Gryphon for previous services, according to the SEC complaint.
The criminal case is U.S. v. Marsh, 10-cr-00480, and the SEC case is SEC v. Gryphon Holdings Inc., 10-cv-01742, U.S. District Court, Eastern District of New York (Brooklyn).