The State - News from Jan. 7, 1985
A former vice president of the Pacific Stock Exchange was indicted by a federal grand jury on charges he swindled 16 investors out of nearly $1.2 million in an investment scheme. Dan William Cluff, 40, was charged with 21 counts of mail and securities fraud in connection with an investment plan he operated in San Francisco from 1978 to 1980, according to Assistant U.S. Atty. Robert Dondero. Dondero said Cluff told investors their money was earning profits in options when the investments actually were losing. Cluff allegedly paid clients dividends with money raised from new investors and also used their funds for his personal affairs.
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