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New Jersey dealer indicted on theft charges - Trade Only Today

New Jersey dealer indicted on theft charges

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A New Jersey boat dealer was named in a 16-count indictment alleging he stole more than $128,000 from 14 people in fraudulent deals between June 2006 and May 2008.

An Ocean County grand jury last week handed up the indictment charging Todd Grossman, owner of Anchor Outboards, with 14 counts of theft and two counts of issuing bad checks, the Asbury Park Press reports.

According to the indictment, Grossman is alleged to have sold boats for clients without turning over the proceeds to them, and taken money from people purchasing boats without giving them valid titles because he never paid the purchase price to the rightful owners.

Grossman was initially arrested in June and posted $5,000 bail, according to court documents. He posted another $100,000 bail in November after subsequent claimants came forward.

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