Missing Broker Took Out Bank Loan In December - Cleveland 19 News Cleveland, OH

Missing Broker Took Out Bank Loan In December

CLEVELAND (AP) - A missing stockbroker borrowed $840,000 just three weeks before he confessed to taking money from his clients.

Investigators have yet to unravel why Frank Gruttadauria took out the National City Bank loan or the circumstances of the transaction. He allegedly defrauded about 25 longtime clients out of at least $100 million over 15 years.

Gruttadauria was the manager for Lehman Brothers' Cleveland office, but has been missing since Jan. 11.

(Copyright 2002 by The Associated Press. All Rights Reserved.)

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