January 16, 2010
NASAA Announces Distribution Plan for Brennan Customers
Only readers who have been around for a long time will remember Robert Brennan, a fraudster from the 1990s. Yesterday NASAA announced that there is (a little) money available for distribution to some of his victims.The distribution plan provides $5.15 million to investors who were defrauded by Robert Brennan and results from a case the New Jersey Bureau of Securities began in 1995. In June 1999, the Bureau obtained a $45 million non-dischargeable judgment against Brennan and L.C. Wegard, which had offices in a number of states including New Jersey, Pennsylvania, New York, Rhode Island and Illinois.
An effort to find assets to satisfy the judgment began in 1999 after Brennan claimed he did not have assets. Ultimately, Bureau investigators tracked down and seized assets that Brennan had attempted to hide, including a pension fund that he had set up for himself.
L.C. Wegard customers during the period October 1, 1991 to September 1994 may be qualified to file a claim if they purchased certain identified securities during this time period.
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