ST. LOUIS, MO. (KMOX) - The president of a pet care company is indicted for fraud on charges he sold seven million dollars worth of investments in his company, Spectrum Pet Care, Inc, with false representations about what the funds would be used for.
Federal prosecutors say over 250 investors in Missouri and other states were told their investments would be used to purchase equipment and fund operations. The indictment states that between 2006 and May 2011, Frank Renick of Montgomery County, Missouri allegedly used substantial portions to repay existing investors and to pay for his personal expenses unrelated to the business. The indictment alleges that investors lost millions of dollars as a result of Renick’s scheme.
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