President of Montgomery County Business Indicted for Fraud
Frank Renick, former president of Montgomery County-based Spectrum Pet Care, Inc., has been indicted on federal charges related to an alleged $7 million investment scheme. The indictment, which was unsealed after Renick’s arrest on June 4, charges him with three felony counts of mail fraud.
According to the U.S. Attorney’s Office for the Eastern District of Missouri, Renick stands accused of making false representations in order to persuade more than 250 investors in Missouri and elsewhere to invest substantial sums of money in Spectrum Pet Care. The indictment alleges that Renick misrepresented both Spectrum’s financial condition and the manner in which investors’ funds would be used. He also allegedly used “substantial portions” of the investors’ funds to make Ponzi-style payments to earlier investors and to pay his personal expenses. Authorities say investors lost millions of dollars in the scheme.
If convicted, Renick could be sentenced to up to 20 years in prison for each count of mail fraud. He also could be ordered to pay fines of up to $250,000 per count.