Robert Brennan Is Fined For Fraud

MAYBE IT'S A LUCKY THING that onetime penny-stock mogul Robert Brennan was rebuffed in his offer to pay up to $80 million for the New Jersey Devils hockey team in early June. He may have another use for the money. On June 20, Brennan and his defunct brokerage house, First Jersey Securities, were fined at least $71.5 million by a federal judge in New York who ruled that the firm operated a "massive" fraud on thousands of customers who bought the outfit's low-priced stocks in the 1980s. Lawyers for Brennan say he'll appeal the fraud decision by Judge Richard Owen. They say the matter could be tied up in court for years.

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