ALERT INVESTORS WRONGED BY GREGG RENNIE: Soreide Law Group May Be Able to Recover ALL Your Losses
FIRMS INVOLVED: New England Securities, Harvest Capital, Ameritas, Harvest Financial The Securities and Exchange Commission (SEC) filed an emergency civil enforcement action in U.S. District Court in Boston alleging fraud by Gregg Rennie of Quincy, Massachusetts, in 2009. Then, the District Court granted the Commission’s request for a temporary restraining order, asset freeze, and other relief.
Gregg T. Rennie recently pled guilty in U.S. District Court to 13 counts of securities fraud and one count of wire fraud. He potentially faces decades in prison and fines in the millions of dollars.
In addition to restraining the defendant from violating Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933; Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder; and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940, the District Court’s order froze the defendants’ assets. The order prohibited the defendant from soliciting, accepting, or depositing any money from investors and requires him to provide an accounting for investor funds.
The SEC’s filing alleged that, from early 2007 -2009, while working at an insurance and financial services agency in Providence and acting as an investment adviser, Rennie defrauded clients in Massachusetts and New Hampshire. According to the SEC’s complaint, Rennie told his clients that their money would be invested in risk-free "federal housing certificates" that paid up to 12% per year, tax free, and were offered by a real estate investment company based in Boston. When in fact, the complaint alleged that the investments were completely fictitious and that Rennie had no relationship with the real estate investment company whose name he used. According to the Commission’s filings, Rennie defrauded clients who were elderly, including one man who was 89 years old. The filings alleged that Rennie persuaded some clients to cash out their investments in annuities, resulting in substantial surrender charges, in order to invest in his fraudulent program. According to the complaint, Rennie used investor proceeds to pay personal expenses, and withdrew thousands of dollars in cash from the account where investor funds were sent.
Rennie, 44, of Quincy, MA. was the former host of the "Your Money" radio program. Christians were targeted in the scheme, which gathered at least $3.2 million, prosecutors said.
"He stole no less than $3.2 million from a number of victims, including an elderly gentleman whom Rennie had known since his childhood, retirees who invested their retirement savings with Rennie, and individuals who listened to Rennie’s radio show," prosecutors said. "His victims also included a church congregation that had invested funds that the congregation had raised in anticipation of building a new church."
The Securites and Exchange Commission brought this action in collaboration with the Massachusetts Securities Division, which also filed an administrative action seeking immediate suspension and subsequent revocation of Rennie’s Massachusetts broker-dealer agent registration.
The Commission acknowledged the assistance provided by the Financial Industry Regulatory Authority in this matter as reported on the SEC's website.
If you are a victim of the alleged fraudulent tradings schemes of Gregg Rennie, call a FINRA Securities arbitration lawyer for a free consultation on how to recover your losses. To speak with an attorney, call 888-760-6552, or visit www.stockmarketlawsuit.com. Soreide Law Group, PLLC., representing investors nationwide before FINRA and the NFA.