A Delray Beach financial adviser is facing felony charges after investigators say he pulled off a $30,000 sham investment deal on an elderly Palm Beach County woman, steering money she believed was going into safe certificates of deposit into his own pocket instead.
How deputies say the scheme worked
According to deputies, the woman first met 58-year-old Gregg Brian Weiss while seeking help with her will and a durable power of attorney. She paid him to prepare those documents, then later handed over funds for what she was told would be two certificates of deposit. Family members stepped in after spotting incomplete paperwork and unusual bank activity, and investigators say Weiss ultimately obtained $30,000 between December 2024 and February 2025 for investments that never materialized, according to WPEC (CBS12).
Company records show Ruby Capital inactive
State corporate records list Ruby Capital Management LLC as inactive and show the firm was administratively dissolved in September 2024, with Weiss named as the registered agent, according to the Florida Division of Corporations. Investigators reviewed those filings as part of building probable cause for Weiss’s arrest.
Money trail and regulator notes
Detectives subpoenaed bank records that they say show the victim’s $30,000 check was deposited into an account tied to Ruby Capital Management, then shifted into personal checking accounts and spent on everyday items such as food, gas and casino transactions. Investigators also say Weiss sent the victim a letter claiming Ruby Capital was entering Chapter 11 bankruptcy even though no such filing existed. A review by the Office of Financial Regulation showed Weiss’s securities registration expired in January 2023, so he was not authorized to conduct securities transactions at the time of the alleged investments, according to WPEC (CBS12).
Charges and next steps
Weiss is charged with multiple felonies, including obtaining property through deception from a person 65 or older and engaging in a fraudulent securities transaction, according to the probable cause affidavit. He was arrested and booked into the Palm Beach County Jail on March 31, and court records show prosecutors are reviewing the case. Anyone who believes they may also be a victim is urged to contact the Palm Beach County Sheriff's Office at 561-688-3000.
