Steve Adams, The Patriot Ledger,
Submitted by: Editor
Quincy financial adviser charged with fraud was involved in community
Now Fabian is among a group of investors who allegedly lost their nest eggs – more than $500,000, in Fabian’s case – to Rennie in a fraudulent scheme.
“Everything I had, that was money that I was going to give to my grandchildren when I passed away,” said Fabian, a retired Gillette Co. employee from Quincy. “It was going to be in the will. I don’t know how long I’m going to be around.”
The Securities and Exchange Commission last week accused Rennie, a 42-year-old Quincy resident, of defrauding clients out of at least $2 million. Rennie allegedly sold them phony “federal housing certificates” that would pay a guaranteed rate of return, but funneled the money into his personal accounts.
Rennie’s alleged scam took place at the same time he was frantically trying to prop up a 20-unit Quincy condo project in which he had invested at least $1 million in cash, according to a review of court filings by The Patriot Ledger. The Residences at Blue Hills Edge was planned as a five-story condo project overlooking the Southeast Expressway.