The weird saga of billionaire bond king and PIMCO founder Bill Gross just got weirder, as Gross and wife Amy were sentenced to five days in jail for contempt over an ongoing dispute with their Laguna Beach neighbor.
An 11-second video clip obtained by the New York Post shows Amy Gross in a pool and singing loudly as Bill Gross floats nearby. Allegedly filmed on July 7, the video found its way to the judge, who called it appalling and in violation of a restraining order earlier in the case. The five-day sentence was suspended due to COVID precautions.
Gross is locked in a dispute over the location of an ornate outdoor glass sculpture. He played the “Gilligan’s Island” theme song on repeat at high decibels to annoy the neighbor.
While he and his spouse claimed their love of the kitschy 1960s CBS sitcom prompted them to repeatedly blast the song, the neighbor noted they were rarely home when it played and suspected it was controlled remotely by Gross.
Superior Court Judge Kimberly Knill ruled it harassment and ordered the couple to adhere to Laguna Beach noise provisions and not play music on their outdoor speakers when away from the property.
According to the Los Angeles Times, Knill also ruled that Gross failed to prove that the neighbor had invaded his privacy—denying Gross’ competing request for a civil harassment order.
“Gross issued a statement that, although ‘disappointed in the outcome,’ he would abide by the terms of the decision, though he complained the “case never should have gotten to this point”—saying he had made offers to settle,” the paper reports. “He said he would ‘continue to dance the night away, Gilligan’s Island forever.’”
PIMCO departure
Gross’ alleged erratic behavior caught the investment industry’s attention in recent years. A strange presentation at the Morningstar Investor Conference in June of 2014 featured Gross in dark sunglasses and references to pop star Justin Bieber.
Angry outbursts on the PIMCO trading floor in part led to his departure from the firm he founded. In 2015, he sued his former colleagues for $200 million, alleging he was driven out by directors because of “power, greed, and a desire to improve their own financial position,” according to court documents.
At the time, Gross harshly criticized former PIMCO Chief Executive Mohamed El-Erian, who left the company in early 2014 over supposed clashes with Gross. Now president of Queens College, Cambridge, President Obama had appointed El-Erian as the chair of the president’s Global Development Council.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
You failed to mention that the judge suspended the sentence.
From the LA Times:
An Orange County judge held billionaire Bill Gross and his wife in contempt of court Friday for once again blaring music that bothered their Laguna Beach neighbors — ordering them jailed for five days but then immediately suspending the sentence.
Citing the pandemic, which has disrupted the county’s jail system, Superior Court Judge Kimberly Knill said the retired bond investor and his wife, former professional tennis player Amy Schwartz Gross, could perform community service in lieu of two days of jail, with the other three days suspended if the two do not violate the restraining order for one year.
The judge barred the couple from playing outdoor music at their home at any time. They also were fined $1,000 each.
No, it’s there. End of the second paragraph.