Robert E. Brennan
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Robert E. Brennan (born c. 1944) was an American entrepreneur who built the penny stock brokerage firm, First Jersey Securities. The firm went bankrupt in 1987 and Brennan was eventually found liable for securities fraud in 1994. The US Government ordered him to pay $75 million to settle the fraud claims.
Mr. Brennan declared bankruptcy in 1995 but he did not declare all of his assets to the court. Brennan neglected to tell the bankruptcy court about $500,000 in casino winnings he cashed in and $4,000,000 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 $16,000,000.
In 2001 Brennan was found guilty on bankruptcy and fraud charges and was sentenced to a prison term of nine years and two months. On appeal, in 2003 the sentence was upheld.
A major benefactor to Seton Hall University, following his conviction the university's Board of Governors had Brennan's name removed from a recreation center on its campus in South Orange, New Jersey.
Brennan also built and owned the prestigious Due Process Stable Golf Club in Colts Neck, New Jersey, where he lived until his arrest in 2001.
