SWINDLED INVESTORS TO GET $5.15 MILLION

hot-topic rightCustomers of a penny-stock boiler room that operated out of an office on Half Mile Road in Lincroft will share in $5.15 million obtained by authorities from stock swindler Robert E. Brennan, according to a report today from NorthJersey.com.

The defunct firm, L.C. Wegard & Co., was a legitimate stock brokerage before Brennan secretly took it over in the early 1990s. But like First Jersey Securities, a firm whose ubiquitous commercials made Brennan famous in the 1970s and ’80s, Wegard became a high-pressure sales operation peddling stocks that Brennan secretly controlled.

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