Penny Stocks Defrauder Returns to Society

January 09, 2011 (PennyStocksCapitalist.com)

In the late 1980s and early 1990s there was a man who defrauded many out of their hard-earned money in the penny stocks arena. His name is Robert E. Brennan and he milked investors out of millions of dollars.

After running from the government, he was caught and put in prison. It’s been ten years and Brennan is now a member of society. According to sources, he was working at RKE Athletic. He’s since quit and his future plans are unknown.

Brennan used to run boiler rooms, namely First Jersey Securities. His commercial featured him in front of a helicopter, living the lavish life and asking would-be investors to “come grow with us.”

His life’s story serves as a reminder of the “pump and dump” swindling that remains a part of the financial sector. As for Brennan, he has over $100 million in judgments against him at last count. In the 1990s, the SEC won a $75 million judgement against him and collected $29 million of that. According to an agency spokesman, they intent to collect the full amount.