Robert Gruntz operates a supposed full service investment and tax planning service now called the Arlington Group. He has had at least seven failed business ventures over the past 20 years which have gone under various names, e.g. Eastridge Farms, R.G. Stables, Equity Stables,The Peregrine Financial Group to name a few.
Gruntz charges a $15K retainer fee to join his group, recommends you refinance your home 100% and invest all with him. Now he wants all clients to direct deposit their paychecks every month to the members “Margin Account” for which he has almost complete control. He has clients purchase properties in their names for the “benifit of the group” yet he retains all control of these properties while the clients make all the payments out of so called “manufactured money.”
I was a Member for a number of years of his Eastridge Group which then became the Arlington Group in 2006. I lost well over $50K with this con man. His is a classic case of “Affinity Fraud” where he targets members of various groups to bring in new clients. These groups have included members of the same Christian church as well as a number of airline pilots just to name a few.
His main accomplice is a so called Rabbi (Steven J. Newman) who also claims to be a licensed psychotherapist. Using a man of God is also another tactic of Affinity Fraud in that this Rabbi is a very trusted individual when first meeting him. He not only helps to bring in and keep clients, he also discredits and even vilifies any clients that try to leave the group.
Gruntz has used E*TRADE Financial as an investment vehicle for his clients for years, but recently E*TRADE has caught on to his underhanded dealings and he is no longer welcomed there. He is in the process of moving all of his remaining clients to TD AMERITRADE accounts.
Gruntz and his Arlington group are scattered throughout the country in the San Diego/Riverside County area, Las Vegas and the NY/NJ metropolitan area. Gruntz himself resides in Hemet, CA.
This man has destroyed many lives and bankrupted many former clients. In the end, anyone associated with him looses money. BEWARE!
New york, New York