PIMCO Co-Founder Bill Gross Gets Suspended Jail Time From Judge
Posted on 10/01/2021
Billionaire Bill Gross, who co-founded Pacific Investment Management Company (PIMCO) in 1971, was founded in contempt of court in a feud with his Laguna Beach neighbor tech entrepreneur Mark Towfiq. In Orange County Superior Court, Judge Kimberly Knill admonished “bond king” Bill Gross for violating an existing restraining order, calling him “contemptuous,” and then handed down her ruling. Her ruling included no more outdoor music, a US$ 1,000 fine, and five days in jail. Amy Gross (formerly Amy Schwartz), the wife of Bill Gross, received an identical sentence. However due to the COVID-19 environment, Bill Gross and his wife may not actually serve jail time. Judge Kimberly Knill is allowing them to perform community service for two of the days, while the other three are being stayed for a year.
“Financial sanctions won’t have any effect on Mr. Gross’s behavior,” Chase Scolnick, a lawyer representing Mark Towfiq, told an Orange County judge on September 24, 2021 at the end of Gross’s contempt trial. “Five days will force him to take it seriously.”
The attorneys of Mark Towfiq and Carol Nakahara pushed for jail time.
Netting over Glass Sculptures and Music From Gilligan’s Island
The feud started in 2020 when Gross installed white netting above a 22-foot-long blown glass sculpture by artist Dale Chihuly in his backyard. Towfiq complained to local authorities about the ocean view and Gross allegedly retaliated by blasting music, including the Gilligan’s Island theme song on repeat.
The feud went to court and Judge Knill issued a restraining order that barred the Grosses from playing loud music or approaching the neighbors for three years.