TRENTON, N.J. (Bloomberg) — Convicted penny stock promoter Robert Brennan, who jetted around the world after filing for bankruptcy protection, was sentenced to nine years and two months in prison for money laundering and fraud.
U.S. District Judge Garrett E. Brown Jr. imposed close to the maximum term for Brennan, convicted April 16 of failing to tell his creditors about $525,000 in casino chips and laundering the proceeds from a sale of $4 million in non-traceable bearer bonds.
A federal jury found that, after filing for Chapter 11 protection in August 1995, Brennan used the proceeds to travel the world by private jet and charter yachts in the Caribbean and Mediterranean. Brown showed no leniency for Brennan, who began battling government regulators in 1974.