Former Boston Financial Host Gets 7 Years In Prison For Fraud
June 16, 2010 at 4:25 AM (PT)
Former BOSTON-area financial talk host GREGG RENNIE has been sentenced to seven years in prison and must pay $3.8 million in restitution to victims in his fraud case. RENNIE entered a guilty plea in JANUARY to 13 counts of securities fraud and one count of wire fraud.
RENNIE, who hosted "YOUR MONEY" on four BOSTON-area stations, including WBIX-A, allegedly stole $3.2 million from his victims in what prosecutors charged was a Ponzi scheme, with some investors paid with others' money. He faced up to 20 years in prison, but received the lower sentence through a plea arrangement with the U.S. attorney's office.