Gramercy Group — Fraud
Michael Gale and his family stole hundreds of thousands of dollars in fees from clients, partners, investors and never delivered on one investment promise. Before the Gramercy Group web sites were pulled down, Gale stated he and his team were seasoned fund managers with over 30 years of experience, controlling 28 portfolio companies, totaling $50M in direct equity investments. Not only is this complete rubbish, but it can all be substantiated by contacting the CEO's of these companies, as our team did. Michael Gale lied, again, in order to solicit fresh money to fund his lifestyle. Gale took this behavior one step further when he issued funding promissory letters to companies expecting their investments. Gale used contractors like Bruno, and others, attempted to place blame on them because of his previous promises/lies. The reality is simple: PEGG, Angad Paul, Seven Hills (Dave Kattradaga) and Millennium were lined up as investors as stated in the series A terms sheet, which was then circulated to induce further interest from investors and partners. This was a feeble attempt to rob from Peter in order to pay Paul. This has gone on for years, without any evidence of successes, only a trail of collateral damage, bankrupt companies, divorces, and now long over-due criminal investigations that will result in Michael Gale being arrested, indicted and convicted.