Former WBIX/Boston Owner Must Pay Back Stolen Millions
May 14, 2007 at 5:45 AM (PT)
Former WBIX-A/BOSTON owner BRAD BLEIDT has been ordered to repay $31.7 million in funds stolen from investment clients plus $9.5 million in interest, reports the BOSTON HERALD.
The judgments were filed against BLEIDT and his ALLOCATION PLUS ASSET MANAGEMENT CO. last week. BLEIDT is serving 11 years in prison for the scam, the money from which partially went to buy the radio station. BLEIDT confessed to the scam in tapes sent out before a failed suicide attempt and pleaded guilty to 116 counts of fraud and money laundering in 2005. The station was sold to previous owner LANGER BROADCASTING for $1.5 million cash and $8.5 million in assumption of debt in 2005.