Frank Gruttadauria, former mega-producer for SG Cowen and Lehman Brothers (which acquired Cowen), will serve less time in jail than his former clients probably want. The broker, who had admitted to stealing $125 million of his clients' money, is expected to serve six to eight years in prison after pleading guilty. The NYSE is investigating compliance issues at broker/dealers. Many think it's overdue. Gruttadauria agrees.
In a letter to investigators prior to his capture, he wrote, “I can hardly believe that I could have done this without detection for so long.”