Individuals who are conducting business with the banned American broker-dealer, Gary James Lundgren, have reported that Lundgren, who is barred from the securities business for life, thereafter switched to a cash-only operation, in an effort to conceal his trading operations from FINRA, and from the Securities & Exchange Commission. Lundgren has refused to accept checks, as well as wire transfers, and is therefore making large cash deposits, on a regular basis.
Lundgren, who has had a long relationship with both Bank of America and JP Morgan, is reportedly using his two grown sons, James Lundgren, and ZacGary Lundgren, to also funnel his cash into banks in Panama, utilizing bearer-share corporations, untraceable to Lundgren senior. Some clients say he had been refusing to accept their checks since February, when he was suspended (and later banned) by FINRA.
Gray Lundgren is a large property owner in the Trump Ocean Club project, though he reportedly took possession of many properties owned by David Murcia Guzmán, when Lundgren and former Panamanian President Ricardo Martinelli engineered Murcia's illegal deportation to Colombia, where he was arrested. Some of the Trump properties controlled by Lundgren were reportedly purchased for Ricardo Martinelli, his reputed partner in a number of Panama ventures.
Lundgren continues to cultivate covert relationships with US-based broker-dealers, through which he trades securities for his clients; he allegedly launders Colombian narco-profits in Panama, and invests the clean proceeds in registered securities, in the United States.