Anderson Pleads Guilty to Securities Fraud Conspiracy
Last month, 57-year-old Baldwin Anderson pleaded guilty to securities fraud conspiracy in a New York federal court. His plea came one day after his trial began in U.S. District Court.According to prosecutors, Mr. Anderson pressured investors into paying for false investment advice from either Gryphon Financial or Gryphon Holdings, Inc. According to the criminal indictment against Mr. Anderson, investors paid between $99 and $250,000 each for the reportedly false investment advice. It is alleged that the false investment advice was distributed through newsletters, trading recommendations and money management services.
In the criminal indictment, Mr. Anderson is accused of specifically telling investors that Gryphon was located in Wall Street or in the New York Stock Exchange when its true location was a strip mall on Staten Island. He is also accused of providing false stock tips and bad investment advice.
Eighteen people were charged with regards to their alleged actions with Gryphon Holdings Inc. that scammed a reported $20 million from investors. Seventeen people pleaded guilty prior to their trials, and Mr. Anderson was the last to plead guilty on Tuesday June 14, 2011. Mr. Anderson still faces a civil trial brought by the U.S. Securities and Exchange Commission.
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