Stockbroker Admits Stealing From Clients, Disappears
January 23, 2002 at 7:50 PM EST - Updated June 30 at 1:05 AM
CLEVELAND (AP) - A newspaper is reporting a missing Cleveland stockbroker sent a letter telling the FBI that he had been stealing from his clients for as long as 15 years before he disappeared.
The Plain Dealer quoted unidentified sources who said that at least two other people received letters in which 44-year-old Frank Gruttadauria detailed the thefts. The newspaper said that investors had been left $100 million short.
Gruttadauria is general manager of Lehman Brothers Inc. in Cleveland. The Wall Street brokerage is the third largest in the U.S. and has operations worldwide.
Gruttadauria was reported missing Jan. 11, about the same time the letters were received.
Lehman Brothers spokesman William Ahearn said that the firm is working with the FBI and police. An FBI spokeswoman declined to comment.
(Copyright 2002 by The Associated Press. All Rights Reserved.)