Quincy man accused of defrauding clients, some elderly, of $2 million

Gregg T. Rennie, 42, a former co-managing director at Harvest Financial Services in Providence, confessed to a co-worker Jan. 2 that he had “borrowed money from clients” since 2007, according to court documents filed by the Securities and Exchange Commission.

The co-worker told the company’s vice president about Rennie’s confession, and Rennie resigned from Harvest on Jan. 7, according to the SEC.

Rennie promised clients returns of up to 12 percent, but clients only received small periodic payments, usually after they inquired about the location of their money, the SEC said. Rennie had made no legitimate investments with the money, according to complaints filed on Friday by the SEC and Secretary of State William Galvin.

Among the alleged victims are an 89-year-old who lost $500,000 after investing with Rennie’s fictitious Boston Capital, said David Bergers, director of the the Securities and Exchange Commission’s Boston office.