Alan Bond Indicted In Fraud Scheme

Popular New York money manager allegedly skimmed $7 million in kickbacks

Spruill, also a named defendant in the case. Spruill worked for Lazard Freres from October 1988 to September 1991. According to the SEC, Spruill was at one time a registered representative with each of the broker-dealers under investigation.

Spruill was charged with aiding and abetting violations of the SEC’s anti-fraud provisions. Neither Spruill, 52, of Newark, New Jersey, nor his lawyer, Frederick Schaffer, could be reached for comment. Spruill was arraigned in New York federal court and released on his own recognizance after entering a not-guilty plea.

The SEC complaint also charges Bond used the misappropriated money to finance personal activities. He reportedly owns 75 classic cars and a warehouse to maintain them. He purchased two homes in Florida and spent nearly $1 million on renovations and furnishings. Bond is also accused of using the money to pay for Broadway show tickets, his dues at the Harvard Club and his American Express credit card bill, which ran as high as $470,000 one month.

Those associated with Bond say they were shocked at the allegations. Rich Dubroff, producer of Wall Street Week, said Bond denied the charges but would not be appearing on future episodes of the show.

“Alan is my friend, and he has served our viewers well,” said Wall Street Week host Louis Rukeyser. “We hope he will be completely vindicated, and that it will be possible for us to welcome him back before long.”

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