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To: Q. who wrote (5971)	5/19/2001 9:14:17 PM
From: Smartypts	Read Replies (1) \| Respond to of 6039

2001-- Brennan, Robert -- Bail Revoked -- News Release Brennan Ordered to Jail Pending Sentencing on Bankruptcy Fraud Convictions TRENTON - A federal judge, citing former penny stock broker Robert Brennan's ability to flee the jurisdiction, today ordered Brennan detained pending sentencing on his convictions Monday for money laundering and bankruptcy fraud, U.S. Attorney Robert J. Cleary and state Attorney General John J. Farmer Jr. announced. Brennan, 57, of Colts Neck, had his $500,000 bail revoked by U.S. District Judge Garrett E. Brown Jr. at the conclusion of a bail hearing. Brennan was subsequently taken to the Monmouth County Jail in Freehold, under a custody arrangement with the U.S. Marshal's Service. Brennan's sentencing is scheduled for July 16. "This man deceived many people in many ways for many years," Cleary said. "Facing up to 10 years in prison, Brennan had every incentive to pull a final deception and flee." Added Farmer, whose office worked with the United States Attorney's Office and obtained a separate fraud Indictment against Brennan: "Even after he filed for bankruptcy to avoid paying millions in judgments against him, Mr. Brennan led a lifestyle far beyond the reach of all but the most privileged few. And he did so with funds that should have paid the claims of tens of thousands of investors who lost money on the worthless securities he peddled. In light of his conduct, the lifestyle Mr. Brennan can expect for the next six to10 years under the federal sentencing guidelines seems much more appropriate." Brennan's conviction came on Monday before Judge Brown, when a jury found Brennan guilty of seven counts contained in a 13-count federal Indictment charging bankruptcy fraud and money laundering. Although Judge Brown released Brennan into the custody of his lawyer overnight, he ordered the bail hearing for 8:45 a.m. today to make a final determination on Brennan's custody until sentencing. In such a matter of detention or release pending sentencing, the burden is upon the defendant to show by clear and convincing evidence that he or she is not a flight risk and does not pose a risk to any person or the community. Assistant U.S. Attorney Henry Klingeman, who together with Assistant U.S. Attorney Paul Weissman prosecuted Brennan, argued three main points in support of the government's position that Brennan had significant incentive to flee: the lengthy prison sentence Brennan faces; that, as the convictions proved, Brennan had a long history of deception and fraud; and that Brennan had hidden millions of dollars in assets off-shore, some of which is still unaccounted for, that could be used to finance his flight from justice. Despite assurances to the contrary from defense attorney Michael Critchley, Judge Brown found that Brennan had failed to prove he was not a flight risk. Judge Brown adopted the government's arguments and also cited a 1995 federal court decision which concluded that Brennan's operation of First Jersey Securities constituted "massive and continuing fraud." Judge Brown further cited the earlier ruling that Brennan's testimony in that case was "belligerently evasive." Judge Brown said he would allow Brennan to return to the Court with a new bail proposal. In the investigation and prosecution of Brennan, Cleary and Farmer credited Special Agents of the FBI, under the direction of Special Agent in Charge Kevin Donovan; Investigators with the State Division of Criminal Justice, under the direction of division Director Kathryn Flicker, and investigators with the state Bureau of Securities, in the Division of Consumer Affairs; and the District Attorney's Office in Manhattan, under the direction of District Attorney Robert M. Morgenthau; as well as Assistant U.S. Attorneys Weissman and Klingeman and state Deputy Attorney General Thomas Clark, who presented the Brennan case to a state grand jury. Cleary also credited the staff of Patricia A. Staiano, the U.S. Trustee for the District of New Jersey.