Broker's Clients Want Him Released From Jail - Cleveland 19 News Cleveland, OH

Broker's Clients Want Him Released From Jail

CLEVELAND (AP) - Even though they lost millions of dollars, some of stockbroker Frank Gruttadauria's clients want him released from jail.

Four families are asking a judge to let him out until his trial ends.

One letter is from Mister Coffee co-founder Samuel Glazer. He said that he was angry at Gruttadauria but now blames the brokerage companies where Gruttadauria worked.

He and other investors have filed a billion-dollar lawsuit against Lehman Brothers and SG Cowen Securities.

Gruttadauria (pictured, above) is accused of losing $270 million of investor money.

His lawyers said that he should be put under house arrest, with electronic monitoring. They said that Gruttadauria will plead guilty soon and be sentenced, but he wants to spend time with his children before then.

Prosecutors said that he can't plead guilty because more charges could be filed.

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

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