Criminal Charges Filed Against Former Talk Host
October 2, 2009 at 5:15 AM (PT)
Criminal charges have been filed by federal prosecutors against a former financial adviser and host of "Your Money" on WBIX-A/BOSTON, GREGG T. RENNIE, who allegedly defrauded clients of at least $3.2 million. THE BOSTON HERALD reports RENNIE "faces 13 counts of fraud in connection with the purchase or sale of securities and a single count of wire fraud, according to documents filed WEDNESDAY in U.S. District Court by the U.S. Attorney’s Office in BOSTON."
RENNIE reportedly convinced clients to buy "federal housing certificates," that court documents say promised 8-12% interest on the investments, which he claimed were tax- and risk-free.
This criminal case follows a civil lawsuit filed in JANUARY by the U.S. Securities and Exchange Commission (NET NEWS 1/26), which resulted in a $4.2 million default judgment against RENNIE.
If convicted, RENNIE faces up to 20 years in prison and more than $5 million in fines.