Former radio host and investment adviser Gregg Rennie of Quincy intends to plead guilty to stealing more than $3 million from his clients.
Former radio host and investment adviser Gregg Rennie of Quincy intends to plead guilty to stealing more than $3 million from clients.
Sentencing has been scheduled for Jan. 13 in U.S. District Court in Boston.
In October, federal prosecutors charged Rennie with defrauding his clients at several financial companies, including Harvest Financial Services in Providence, from which he resigned in January. He allegedly sold them bogus “federal housing certificates” that promised a guaranteed rate of return.
Rennie’s alleged victims included an 89-year-old retiree from Quincy who lost his life savings of $500,000, and a local congregation that was saving up money to build a new church.
The scheme began in late 2007 and continued until January, according to prosecutors.
Rennie allegedly used the money to pay personal expenses and a contractor on a failed Quincy condo project, The Residences at Blue Hills Edge.
Rennie has indicated he intends to plead guilty to the charges, according to a recent court filing by Assistant U.S. Attorney James Dowden.
Rennie’s attorney, William Cintolo of Boston, said he has not seen a copy of the plea agreement.
In addition working as a financial adviser, Rennie hosted a financial-advice show on four Massachusetts radio stations.
He was previously charged with fraud by the federal Securities and Exchange Commission in connection with the same matter. In May, a federal judge fined him $500,000 and ordered him to pay back his clients’ funds.
Patriot Ledger writer Steve Adams may be reached at email@example.com
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