Articles Tagged with David Gray

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The Securities and Exchange Commission (SEC) recently obtained an emergency court order to freeze the assets of LottoNet Operating Corp, David Gray and Joseph Vitale. The SEC accused LottoNet of raising $4.8 million from investors and it only paid $10,500 in investment returns, much like a ponzi scheme. Gray allegedly pocketed $464,000 of investor funds and used an additional $121,000 to pay for personal expenses, including strip clubs, clothing and some wedding-related expenses. Gray solicited investors to contribute to LottoNet by using at least 13 unregistered sales agents to place cold calls to potential investors nationwide. At least 35% of investor proceeds were allegedly paid to boiler room sales agents as commissions. More than $1.1 million was paid to them out of investor funds. If you invested with David Gray and LottoNet, please call us today at 312-332-4200 to speak to an attorney about your losses. We may be able to help you recover your losses in the FINRA arbitration process on a contingency fee basis.

Stoltmann Law Offices is investigating David Gray, a former investment adviser with Cambridge Investment Research. Gray was accused of stealing money from an elderly customer, and he recently pled guilty to theft from an at-risk victim (which means either an elderly or disabled victim.) After he was investigated by the Securities and Exchange Commission (SEC) Gray was sentenced to eight years in prison and ordered to pay restitution of $263,418. If you or someone you know lost money with David Gray, please call our securities law offices in Chicago to speak to an attorney about your options. You may be able to sue Cambridge in the Financial Industry Regulatory Authority (FINRA) forum for not reasonably supervising Gray and allowing him to make transgressions against his customers. We sue firms such as Cambridge on a contingency fee basis in order to recover losses. Please call today. The call is free with no obligation. 312-332-4200.

Gray was registered with The Stuart-James Company, Inernational Securities Group, Sprung and Wise Securities, R A F Financial Corp, Dean Witter Reynolds, Hanifen, Imhoff Securities Corp, Jesup & Lamont, BC Christopher Securities, Neidiger, Tucker, Bruner Inc., Barringer Ryan Vance, Equity Services, BMA Financial, Nathan & Lewis Securities, Cambridge Investment Research in Greenwood Village, Colorado from September 1999 until August 2013 and Ridgeway & Conger. He is not currently registered with any firm. He has one customer dispute against him and one criminal disposition. He is not licensed within the industry and the SEC barred him from acting as a broker and investment adviser, or otherwise associating with firms that sell securities or provide investment advice to the public.

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