March 26, 2023

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South Florida Male Pleads Guilty to Multi-Million Dollar Investment Fraud Focusing on the Elderly, Investing Trader Money on Gambling, Jewelry, and Luxury Automobiles | USAO-SDFL

Miami, Florida – Isaac Grossman, 46, of Parkland, Florida, pled guilty these days to wire fraud, mail fraud, and money laundering fees, for directing an elder fraud scheme in which he marketed stock in his South Florida-centered know-how corporation to aged investors throughout the country, and then misappropriated the investors’ resources for his personal individual use.

During a hearing this early morning in federal district courtroom in Ft. Lauderdale, Grossman admitted that from September 2014 as a result of April 2018, he elevated approximately $2.4 million in trader funds for his firm, Dragon-Simply click Corp., by soliciting investments from elderly retirees nationwide.  Grossman told prospective investors that Dragon-Simply click was producing an world-wide-web software that would revolutionize net purchasing by allowing for a consumer to upload a photograph of any merchandise the person desired to obtain, determine all retailers presenting that merchandise for sale, offer price tag comparisons for that product across retailers, and deliver a backlink to retailers’ internet sites in which the person could order the merchandise.  Grossman admitted that he solicited resources by falsely telling prospective investors they would double, triple, or quadruple their investments, and that Dragon-Simply click was on the verge of remaining bought to a huge technology business, this sort of as Google, Apple, or Amazon, for around $1 billion.  He concealed from buyers that, prior to boosting cash for Dragon-Click, he experienced been completely barred by the Fiscal Field Regulatory Authority (“FINRA”) from performing as a broker-supplier or associating with any broker-supplier firm, and that he experienced been completely banned from commodities buying and selling by the U.S. Commodity Futures Investing Commission (“CFTC”). 

Grossman admitted that he falsely explained to buyers that their investment decision cash would be utilised to comprehensive the technological progress of the Dragon-Click world wide web application, to pay legal costs linked to the patent application process, and to shut the sale of the application to a substantial technological innovation company.  But relatively than using investors’ money for any reputable business intent Grossman admitted that he misappropriated investors’ funds for his individual personalized use.  Specifically, Grossman admitted that he expended $1.3 million of investors’ cash on gambling, diamond jewelry, luxury autos, house home finance loan payments, tuition payments for his children’s private faculty instruction, and other own expenses.  For example, Grossman’s illegal expenditures bundled a McLaren MP4-12C, a Chevrolet Corvette, and a 4.81 carat diamond ring.

Grossman is scheduled to be sentenced on September 23, at 12:00 p.m., by U.S. District Judge Raag Singhal, who sits in Ft. Lauderdale.  Grossman faces up to 50 yrs in prison.

Juan Antonio Gonzalez, Performing United States Attorney for the Southern District of Florida, and George L. Piro, Distinctive Agent in Charge, FBI Miami, built the announcement. 

Performing United States Gonzalez recommended the investigative endeavours of the FBI’s Miami Area Office and also thanked the SEC’s Miami Regional Business office for their help, as they experienced filed a parallel civil enforcement action towards Grossman.  See SEC v. Isaac Grossman, et al., Situation No. 18-61234-CV-BB (S.D. Fla.).  This situation is being prosecuted by Assistant U.S. Legal professional Michael B. Homer.

Combatting elder abuse and fiscal fraud qualified at seniors is a critical priority of the Office of Justice.  The mission of the Department’s Elder Justice Initiative is to assist and coordinate the Department’s enforcement and programmatic endeavours to overcome elder abuse, neglect and money fraud and ripoffs that goal our nation’s seniors.  To discover more stop by  The public is encouraged to report victimization and suspected fraud strategies by contacting the Nationwide Elder Fraud Hotline at 1-833-FRAUD 11 (1-833- 372-8311).  

A duplicate of this push launch may be observed on the internet site of the United States Attorney’s Business for the Southern District of Florida at

You might obtain associated courtroom documents and details on the web page of the District Court for the Southern District of Florida at or on, underneath circumstance quantity 19-cr-60300.