Carol Daniel

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.

The 62-year-old was indicted by a federal grand jury on three felony counts of mail fraud. The indictment was returned May 30, but remained sealed until the arrest of the defendant early Monday.
If convicted, each count of mail fraud carries a maximum penalty of 20 years in prison and/or fines up to $250,000.

KMOX © Copyright 2012 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.


Leave a Reply

Please log in using one of these methods to post your comment:

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

More From CBS St. Louis

Download The App

Listen Live