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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony, -- Ignore unavailable to you. Want to Upgrade?

To: GREENLAW4-7 who wrote (61860)	11/1/2000 10:13:28 PM
From: StockDung	Respond to of 122087

Ex-Stock Promoter Brennan Charged With Fraud in New Indictment Newark, New Jersey, Nov. 1 (Bloomberg) -- Former stock promoter Robert E. Brennan, who was arrested in August on charges of bankruptcy fraud, was accused today of money laundering as prosecutors expanded their case against him. Federal prosecutors allege that Brennan, the ex-owner of First Jersey Securities Inc., tried to hide from creditors 759 municipal bearer bonds worth $3.8 million that he amassed before filing for bankruptcy in 1995. In August, state and federal prosecutors in New Jersey charged Brennan with seeking to conceal more than $500,000 in Las Vegas casino chips. ``Mr. Brennan is losing the shell game he has played with his assets,'' U.S. Attorney Robert Cleary said in a statement. ``We will not stop until we're satisfied that all the assets he has hidden from creditors are revealed.'' Brennan's lawyer, Michael Critchley, declined immediate comment on the new charges of money laundering and bankruptcy fraud. Brennan, who has fought civil charges that he duped small investors in a notorious penny-stock scam during the 1980s, is free on bail from his August indictment. He faces up to 20 years in prison on the new charges. Brennan, who has homes in Colts Neck, New Jersey, and Juno Beach, Florida, filed for personal bankruptcy in August 1995, seeking protection from creditors, including the Securities and Exchange Commission. Three weeks earlier, the SEC had won a judgment against Brennan in U.S. District Court in New York for more than $74 million. 'For Safekeeping' Prosecutors say Brennan gave the municipal bonds ``for safekeeping'' to a principal with an asset management company on the Isle of Man, then sold or redeemed all but one of the bonds for $4.06 million. They say Brennan, 56, hid his ownership of the money ``via a Bear Stearns brokerage account in New York and a nominee account at the Bank of Scotland.'' Brennan omitted any mention of the bonds when he filed for bankruptcy petition later that year, the indictment charges. Brennan was once chairman of International Thoroughbred Breeders, which owned and operated race tracks throughout New Jersey. Prosecutors say he maintains a lavish lifestyle, which included trips last year to Paris, Cannes, Istanbul, Tahiti, New Guinea, Monaco, Singapore, Tahiti and elsewhere. Nov/01/2000 17:57 ET For more stories from Bloomberg News, click here. (C) Copyright 2000 Bloomberg L.P.