Saturday, January 24, 2009

Massachusetts Man Charged With Defrauding Investors

Gregg Thomas Rennie, 42, of Quincy, Massachusetts, has been charged with securities fraud by state regulators. Rennie is accused of defrauding investors out of as much as $4 million by offering both genuine and phony investment products. Rennie, a former registered broker dealer and recent former principal in Providence, Rhode Island-based Harvest Financial Services, promised investors returns of as much as 13 percent, according to the complaint. When unhappy clients had demanded their money back, Rennie reportedly became "evasive." He allegedly pocketed investor funds for personal expenses and luxury items and a lavish lifestyle. Rennie is a former radio host who had a business program locally in Boston called "Your Money."

This case harkens back to the 2004 fraud case in Massachusetts involving Brad Bleidt who went to prison for defrauding investors out of millions of dollars. Bleidt was the owner of one of the radio stations Rennie appeared on frequently, according to reports. You know, if it smells like a Ponzi-scheme..

Read the story here, here and here.

No comments: