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Pastimes : Whodunit? Two Stockbrokers Murdered in Jersey; No Clues
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To: Gary E who wrote (1035)4/17/2001 11:47:16 AM
From: StockDung   of 1156
 
Former Stock Promoter Robert Brennan Jailed Today by US Judge


Trenton, New Jersey, April 17 (Bloomberg) -- Former stock promoter Robert Brennan was ordered to jail today by a federal judge who said Brennan might flee after his conviction for bankruptcy fraud and money-laundering.

U.S. District Judge Garrett E. Brown Jr. denied Brennan's request to remain free on bail until his sentencing on July 16. Brennan, 57, faces up to 10 years in prison.

A federal court jury yesterday found Brennan guilty of seven of 13 counts in an August indictment which accused him of concealing some $4.5 million in assets from his bankruptcy creditors. Brown rejected appeals from Brennan's attorneys and family members who argued that sending him to jail today would devastate the family.

``I cannot ignore the fact that a jury sat in that box yesterday and found that the defendant committed seven serious crimes,'' the judge said.

Brown pointed out that another federal judge in 1995 ordered Brennan to pay the Securities and Exchange Commission $75 million for cheating customers of his former brokerage, First Jersey Securities Inc.

The criminal conviction was the first for Brennan, who had been the target of investigations by New Jersey and federal regulators for more than two decades.

Apr/17/2001 11:10 ET

For more stories from Bloomberg News, click here.

(C) Copyright 2001 Bloomberg L.P.
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