J.B. Grossman, LL.M., ESQ.
BAR MEMBERSHIPS
FLORIDA, NEW YORK AND DISTRICT OF COLUMBIA
ACADEMIC BACKGROUND
LL. M., 1974 - Georgetown University Law Center, Washington, D. C. Graduate law courses in tax, corporate and trade law.
J. D., 1972 - University of Miami, School of Law, Coral Gables, Florida. Elective courses in administrative, trade and securities law.
B. A., 1969 - Adelphi University, Garden City, New York. Political Science major.
PREVIOUS LEGAL EMPLOYMENT
BreitGrossman, LLP. Fort Lauderdale, Florida. June 2002 - June 2007. Complex economic litigation, and transactions pursuant to the Commodity Exchange Act, Securities Act, Securities Exchange Act, Investment Company Act and other regulatory matters concerning finance, markets and trading.
Adjunct Professor of Law, Nova Southeastern University, Shepard Broad Law Center, Ft. Lauderdale, Florida. Instructor in Advanced Corporation Law; Securities and Derivative Law and Pretrial Practice Courses.
Adorno & Zeder, P.A., Boca Raton, Florida, 2000 - March 31, 2002. Shareholder. Complex economic litigation, and transactions pursuant to the Commodity Exchange Act, Securities Act, Securities Exchange Act, Investment Company Act and other regulatory matters concerning finance, markets and trading.
The Law Practice of J.B. Grossman, P.A. Fort Lauderdale, Florida. 1989 - 2000. Trial and hearing representation in securities, commodity futures and financial law before federal and state judiciaries, administrative tribunals (reparation courts), and industry arbitration panels. In transnational matters, structured complex Affiliateship, limited liability Affiliateship and limited liability company disclosure documents, agreements and regulations. Prepared and secured registration of broker dealers, futures commission merchants and introducing brokers. On a limited basis, prepared private placement memorandum, and set up client in-house programs for Section 12, of the Securities Act of 1934 filings with the Commission. The agreements and filings have been in the areas of telecommunications, energy and risk capital ventures. Some of the Affiliateships and limited liability companies have contemplated several hundred Affiliates whose access to books and records, communication to other members and participation in control have been exercised through Internet facilities.
Special Counsel, New York Stock Exchange, New York, New York. 1979 - 1980. Investigated member firms and registered individuals' activities under the securities acts and New York Stock Exchange Rules and Regulations.
Trial Attorney, Commodity Futures Trading Commission, New York, New York. 1976 - 1979. Investigated and, where appropriate and authorized by the Commission, prosecuted commodity futures industry practices. Proceedings were brought and tried before the various federal district courts and the Commission's administrative law judges. Major investigations and proceedings involved minimum capitalization, segregation and other recordkeeping violations, fraud and misrepresentation in the sale of commodity futures and market manipulations.
Law Clerk, United States Court of Claims, Washington, D.C. 1975 - 1976. Federal clerkship to the Hon. Ronald A. Hogenson, Chief, Trial Division.
Staff Counsel, National Drug Abuse Training Center, Washington, D.C. 1972 - 1975. Prepared legal opinions for the Center on drug related issues. Trained drug counselors, prepared training materials and lectured on legal aspects of drug rehabilitation.
Futures/Securities Industry Employment
Manager, Risk Management, and Vice President, Geldermann, Inc., Chicago, Illinois. 1987 - 1988. Responsible for the delivery of derivative product technology, strategy, execution and clearing services to multi-billion dollar portfolio sponsors and investment advisors.
Managing Director, ARMIC Geldermann, a division of Geldermann, Inc., Chicago, Illinois. 1986 - 1988. Develop and implement hedge strategies for mortgage and swap market products.
Financial Futures Trader, Vice President, Donaldson, Lufkin and Jenrette Futures Inc. Chicago, Illinois. 1984 - 1985. Transacted futures and options hedge strategies for institutional accounts. In addition, directed major research and development project into mortgage market portfolio development and protection.
Institutional Financial Futures Hedge Trader, Vice President, Paine, Webber, Jackson and Curtis, Incorporated, Chicago, Illinois. 1983 - 1985. Devised and executed futures and options hedge strategies for institutional accounts.
Divisional Futures Director, Eastern Region, Paine, Webber, Jackson and Curtis, Incorporated, Chicago, Illinois. 1982 - 1983. Marketed firm's commodity futures products to Eastern corporate branch offices.
Director, Servonet Corporation, New York, New York. 1980 - 1982. Chief operating officer and head trader. Servonet was an offshore pool of capital speculating in commodity futures. Servonet was a member of all major commodity exchanges and a clearing member of several of the New York commodity futures exchanges.
Publications
Preference Determinations Concerning Bankruptcy Reform Act of 1978 and Securities Act of 1933, Securities and Exchange Act of 1934 and Commodity Exchange Act, 27 UALR L. REV. 533 (2005).
Civil Litigation and Appellate Matters
South Florida Media Group LLC v. Limited Edition International Realty, Inc., sometimes d/b/a as World Class Estates. Fifteenth Judicial Circuit in and for Palm Beach County Florida.
Digital Copy Solutions, Inc., v. Words of Life Fellowship Church, Inc. and Direct Capital Corporation. Seventeenth Judicial Circuit in and for Broward County Florida.
Millet v. Northern Trust of Florida, N.A., U.S. District Court, Southern District of Florida. Mexican industrialist seeking redress for alleged fraudulent inducement to invest in equities (as opposed to fixed income) and breach of contract. Litigated issues included Private Securities Litigation Reform Act of 1995, 15 U.S.C. § 78u- 4 et seq.; state versus federal elements for fraud; private claims under the Investment Advisers Act ("IAA"), 15 U.S.C.§ 80b-1, et seq., i.e., recisson and restitution; conflicts of law between Cayman Islands versus U. S. contract and securities laws; statute of limitations; and economic loss doctrine.
Tolz v. DeLong Forex Inc., U.S. District Court, Southern District of Florida. Represented Chapter 7 Trustee in Bankruptcy seeking redress against counter-party of foreign currency dealer for losses occasioned by fraudulent sales. Litigated issues were common law fraud, fraud under Commodity Exchange Act , 7 U.S.C.§ 6b; aiding and abetting; Racketeer Influenced Corrupt Organization Act violations, 18 U.S.C. § 1962; and fraudulent transfers pursuant to the Bankruptcy Code, 11 U.S.C. § 548.
SEC v. Alpha Telcom, Inc., et al., U.S. District Court, District of Oregon. Ownership of pay phone systems with service agreement. Injunctive proceeding, pursuant to Fed. R. Civ. P. 65(b), to enjoin unregistered sales of securities. Litigated issues included whether the transactions were securities and whether Alpha and/or its principal was an issuer pursuant to Section 2(a)(4), 15 U.S.C. § 77b(a)(4) of the Securities Act of 1933 ('33 Act) and a "person directly or indirectly controlling or controlled by the issuer, or any person under direct or indirect common control with the issuer" as designated in Section 2(a)(11), 15 U.S.C. § 77b(a)(11).
SMR Advisory Group, LLC, et al. v. Renz D. Jennings, et al. U. S. District Court, District of Arizona. Complaint alleging deprivation of a federal right of due process under color of state law pursuant to 42 U.S.C. § 1983 and conspiracy to deprive Plaintiffs of their Constitutional and legal right to property and a fair hearing in accordance with the due process of law, pursuant to 42 U.S.C. § 1985(3).
Old Dominion Equities, Inc. v. Cyber-Care, Inc., U.S. District Court, Southern District of Florida. Breach of contract for private placement fees.
SEC v. Unique Financial Concepts, Inc., U.S. District Court, Southern District of Florida Solicitation of foreign currency trading accounts. Injunctive proceeding, pursuant to Fed. R. Civ. P. 65(b), to enjoin unregistered sales of securities.
Linnco Futures Group, LLC and Daniel Steele, U.S. District Court, Middle District of Florida. Petition to Compel Arbitration pursuant to 9 U.S.C. § 4.
Ronald E. Fisher v. Nova Communications, Inc. U.S. District Court, Southern District of Florida. Action for fraudulent inducement and breach of contract in connection with the negotiation and execution of an asset purchase agreement.
Gallop Couriers, Inc. v. Jack McClure, et. al., Seventeenth Judicial Circuit in and for Broward County Florida. Suite for injunctive relief, declaratory judgment, anticipatory breach.
Cordo v. Fenandez, Seventeenth Judicial Circuit in and for Broward County Florida. Suite between competing introducing brokers ("IBs"). Alleged raid on sales staff, combined with alleged threat on family members at their Home. Suite for injunctive relief, declaratory judgment, breach of contract, tortuous interference with business, and conspiracy to commit assault and battery . Matter settled.
Falconcrest Communications, Inc. v. Linkup Services, Inc., et al., U. S. District Court, Eastern District of New York. Litigated issues on venue, lack of personal jurisdiction and forum non conveniens.
SEC v. Comcoa, Ltd. and Thomas Bergeer, Case No. 94-8256, U.S. District Court, Southern District of Florida. Telecommunications lottery sales. Injunctive proceeding pursuant to Fed. R. Civ. P. 65(b), to enjoin unregistered sales of securities. Judgement for Plaintiff.
CFTC v. De Gol Enterprises, Inc., et al. Intervened on behalf of 250 investors in CFTC injunctive proceeding with right to provide argument on outstanding motions. The initial matter was an injunctive proceeding, pursuant to Fed. R. Civ. P. 65(b), to enjoin fraudulent pool practices under Commodity Exchange Act, ("CEA"), 7 U.S.C.§ 6b and unregistered commodity pool, 7 U.S.C. § 6m (i.e. Ponzi scheme).
In re Ericson Financial Group, Inc., debtor; DeGol Steering Committee, v. Tolz, a/k/a Ericson Trustee. U. S. Bankruptcy Court, Southern District of Florida. Intervention to determine the validity, priority and extent of the Steering Committee's interest in approximately $1.5 million held by the Ericson Estate. Intercession to recover monies and property belonging to the Steering Committee, or belonging to others similarly situated.
CFTC v. Concorde Trading Group, Inc., et al., 93-1567 CIV-MARCUS. Commodity options sales. Injunctive proceeding, pursuant to Fed. R. Civ. P. 65(b), to enjoin fraudulent sales practices, pursuant to 7 U.S.C. § 6b and Regulation 17 C.F.R. § 30.9 of the CEA. Matter settled.
J.C.C., Inc. v. Futures Financial Advisors of the Palm Beaches, Inc., Civil Action No. 90-00715 CA 29, Eleventh Judicial Circuit in and for Dade County Florida. Suite between an FCM and IB. Suite for injunctive relief, declaratory judgment, anticipatory breach. Matter settled.
Caridad Kerner v. J.C.C., Inc., et al., U.S. District Court, Southern District of Florida. Proceeding by customer against Introducing Broker. Litigated issues were common law fraud, fraud under Commodity Exchange Act ("CEA") 7 U.S.C.§ 6b; and statute of limitations.
Blue Sky Proceedings:
Appeared as lead counsel in excess of 40 state blue sky cease and desist proceedings alleging fraudulent sales practices as well as unregistered sale of securities. In at least six of those proceedings the matters went to a hearing and appeal through the trial court, and then appellate levels. One matter sought certiorari to the Supreme Court of the United States
Reparation Proceedings:
Appeared as lead counsel in at least 14 Reparations Proceedings as defense attorney for FCMs or IBs. In addition, represented foreign entrepreneurs in Reparation proceedings against registrants under the Commodity Exchange Act. Demonstrative examples would be: Darrah v. First American Investor Services, et al. 05-R047. Respondents were alleged to have violated Section 4b(a), 7 U.S.C. § 6b(a) and did so in at least five (5) distinct manners comprising deceit and churning; and to have also entered unauthorized trades and allocated trades that were being held in suspension which proved to not be profitable and transferred trades from Complainant's account to an unrelated account which trades were profitable; and
Carlos D. Ridao, as attorney in fact for the individual Argentine investors, v. Citigroup Global Markets, Inc., and presently unknown floor broker(s), (presently ongoing under multiple complainant names),
Respondent Citigroup, either directly or through its agent(s) and representatives, violated Section 4b(a) of the CEA, 7 U.S.C. § 6b(a), Section 4c of the CEA, 7 U.S.C. § 6c, and Section 33.10 (a) and (c) of the regulations, 17 C.F.R. § 33.10 (a) and (c), by intentionally or recklessly permitting unauthorized trades to be entered on behalf of each of the individual Argentine citizens, and in addition thereto upon discovering same having surreptitiously entered reports in a false or misleading manner, to fraudulently disguise or hide the truth of the initial unauthorized trades, from the individual Argentine investors, all in violation of its record keeping and maintenance obligations under the CEA pursuant to 17 C.F.R. Part 1, and as a result caused further direct harm to the individual Argentine investors.
De-registration Proceedings:
Represented parties in 2 CFTC de-registration proceedings and 3 National Futures Association withdrawals of membership proceedings.
Arbitration Proceedings:
Appeared as lead counsel in at least 150 Arbitration Proceedings as defense counsel for FCMs or IBs, under the CEA, pursuant to NFA's Code of Arbitration. Prosecuted 6 claims on behalf of customers under the securities acts and pursuant to the NASD Code of Arbitration.
Trial Attorney, Division of Enforcement, CFTC
As a Trial Attorney for the Division of Enforcement, I was lead counsel in 4 injunctive proceedings alleging fraud and/or unregistered sales, and 6 de-registration proceedings. Conducted and participated in excess of 12 investigatory proceedings of FCM accounting and bookkeeping practices, market manipulation and fraudulent sales activities.
Date of Birth
October 3, 1947
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