It's been a tough week for the bad guys. Two of the most identifiable poster boys for investment fraud finally went face to face with the law. Investors wound up losing millions of dollars and Brennan managed to stay one step ahead of the law, continuing to live large. Tuesday morning, state and federal prosecutors arrested Brennan while he was taking a shower. How appropriate, considering that many investors took a bath following his bogus advice.
Investigators think there is a pot of cash somewhere else.
Another high-profile scamster, Dana Giachetto, believed in the adage, there's no business like show business. Giachetto was stockbroker to the stars. His client list included the likes of Leonardo DiCaprio, Courtney Cox, Matt Damon, and Cameron Diaz. On Wednesday he pleaded guilty to fraud and mismanagement of clients' funds. Unfortunately, being rich and famous doesn't mean that you are very smart when it comes to investing.