Results tagged “Agoura Hills” from The Court Reporter

Agoura Hills Man Going to Prison for Stealing Millions During An Investment Scheme

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An Agoura Hills man who used his business to defraud dozens of victims in a multi-million dollar investment scheme was sentenced to seven years in federal prison this week, according to federal authorities.

 

A federal judge also ordered Dean P. Gross, 50, to pay restitution of approximately $15.4 million.

 

The investigation indicated that 29 of the investors suffered $15.4 million in losses.

 

Gross, who was charged with operating the investment scheme between 2006 and 2009, pleaded guilty to one count of wire fraud on August 6, 2012. 


While running the scheme, Gross collected more than $35.8 million from approximately 39 investors, according to federal authorities.

 

The investigation indicated that 29 of the investors suffered $15.4 million in losses.

 

Gross operated the scheme through his home business, which he called Bridon Entertainment.

 

When recruiting investors, federal officials claim that Gross falsely represented to victims that he was a veteran of the advertising industry. He made claims that he had significant connections with his company Bridon Entertainment that allowed him to purchase advertising time and space at discounted rates, federal officials state.

 

Gross falsely advised investors that he would then resell the discounted advertising to large, well-known corporations at a substantial profit.

      

The investigation revealed that Gross never used investors' money to buy or sell advertising and that he did not have relationships with the well-known corporations he said would buy the ads.

  

In classic Ponzi-style fashion, investors were paid with money from new investors, and none of their returns were generated from advertising sales.

 

The investigation also revealed that Gross used millions of dollars in investor money to pay for personal expenses, including the construction of a vacation house.

 

 

The Court Reporter
Raul Hernandez has spent years writing stories about the drama that unfolds in the courtroom. Here he answers common questions, share some insights on the judicial system and passes along some of the little things that make the Ventura County courts an interesting place to be. You can contact him at rhernandez@vcstar.com.