Four years after former WBIX-AM Boston owner Brad Bleidt was busted for swindling millions of dollars from clients, The Boston Globe reports federal and state regulators have accused Gregg T. Rennie, who also regularly appeared on the station and other area stations hosting “Your Money” shows, of defrauding clients of up to $4 million.
Rennie, 42 allegedly used his post at a Providence-based financial firm to sell bogus “federal housing certificates” to customers, then pocketed the money and spent it on personal items, according to the SEC and Mass. Secretary of State William Galvin’s securities office.
Rennie’s alleged investment scam unraveled late last year when panicky investors demanded their money back and Rennie couldn’t cough up the cash, the story said.
Regulators got an order to freeze all of his assets, including his bank accounts, home in Quincy, MA and all other possessions. As for cash, regulators say they’ve so far only identified about $26,000 left in a Citizens Bank account.