Education
Seton Hall University.
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Robert Emmet Brennan
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The firm specialized in promoting "Pump and dump" penny stocks to unsuspecting investors, many of them elderly, who lost their entire investments when the stocks inevitably crashed. As a result of this penny stock scheme, Brennan became a target of the United States Securities and Exchange Commission. First Jersey itself went bankrupt in 1987 and Brennan was found guilty of securities fraud in 1994.
The United States Government ordered him to pay $75 million to settle the fraud claims.
Brennan declared bankruptcy in 1995 but committed another fraud when he did not declare all of his assets to the court. Brennan withheld from the bankruptcy court the fact that he held $500,000 in casino chips that he had purchased (and later cashed out of after his bankruptcy) and $4 million in municipal bonds he kept in his basement.
He then directed an associate to liquidate the bonds overseas and invest them in stocks, which netted him $16 million in ill-gotten gains. In 2001 Brennan was found guilty of money-laundering and bankruptcy fraud and sentenced to a prison term of nine years and two months.
On appeal, in 2003 the sentence was upheld.
Brennan served part of his sentence at the United States Bureau of Prison"s Fort Dix Federal Correctional Institution in Fort Dix, New Jersey. He was released on January 14, 2011 from Fort Dix and was sent to another less harsh prison until July which is when he was let out. International Thoroughbred Breeders, Incorporated., a publicly held company founded and chaired by Brennan, financed the reconstruction of Garden State Park race track in Cherry Hill, New Jersey after it was taken out by a 1977 fire.
The grandstand reopened in 1985, closed in 2001, was demolished, and the property redeveloped.
Brennan also owned and raced Thoroughbreds under the name Due Process Stable. Brennan also built and owned the prestigious Due Process Stable Golf Club in Colts Neck Township, New Jersey, where he lived until his arrest in 2001.
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Born
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Nationality
United States -
Religion
Roman Catholic