California Man Charged in Multi-Million Dollar Investment Scam

By James R. Scott, The Chicago Times

April 4, 2023

CHICAGO — A California man was charged on Monday with wire fraud for defrauding multiple investors out of millions of dollars as part of a fake investment scheme.

Federal prosecutors alleged that Sean Grusd, 31, of California, devised and carried out a scheme from 2021 to 2022 to defraud investors in Dylan Ventures LLC, November Acquisitions SPV LLC, and December Acquisitions SPV LLC, all also known as “The Grusd Entities, out of $23 million dollars.  It is alleged that Grusd falsely represented that the victim’s money would be used to make investments in privately owned companies.  Grusd is accused of misappropriating the victims’ funds to pay personal expenses and purchase luxury items, such as cars and real estate.

It is further alleged that Grusd provided victims with false and forged documents, including fraudulent stock certificates amounting to $150 million for shares in unnamed companies that Grusd Entities did not purchase.  Grusd is also accused of  providing one victim with a fabricated bank statement for December Acquisitions that he knew falsely reflected a balance of $133 million, when, in fact, the balance in that account was zero.