U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 19488 / December 7, 2005
Securities And Exchange Commission v. Bradford C. Bleidt, et al. Civil Action No. 04-12415-NG (D. Mass. November 12, 2004).
Boston Money Manager Bradford C. Bleidt Sentenced to Over 11 Years
The Securities and Exchange Commission announced that, on December 5, 2005, Bradford C. Bleidt was sentenced to 11 years and three months in prison and ordered to pay restitution of $31,734,192.75 based upon his guilty plea to criminal charges brought by the United States Attorney's Office for the District of Massachusetts. On July 26, 2005, Bleidt pleaded guilty to 115 counts of mail fraud and one count of money laundering in connection with a scheme in which he defrauded approximately 125 investors of more than $27 million. Prior to sentencing Bleidt, Chief U. S. District Judge William G. Young heard victim impact statements. In sentencing Bleidt, the Court accepted the recommendation contained in his plea agreement and imposed an additional requirement that a transcript of victim statements be kept in Bleidt's cell and at his residence during the period of his eventual three year supervised release.
On November 12, 2004, the Commission sought and obtained an asset freeze and temporary restraining order against Bleidt and his investment advisory firm, Allocation Plus Asset Management Co., Inc. ("Allocation Plus"), based upon a related complaint alleging that Bleidt had admitted to stealing tens of millions from clients over a period of 20 years in a taped confession delivered to the Commission's Boston office on November 11. On December 2, 2004, U. S. District Judge Nancy Gertner entered preliminary injunctions against Bleidt and Allocation Plus extending an asset freeze. On November 18, 2004, the Court appointed Boston attorney David A. Vicinanzo as receiver to preserve the assets of the defendants, including a radio station and other entities owned or controlled by Bleidt.
For more information see Litigation Release No. 18972 (November 16, 2004) and 18993A (December 15, 2004).