Posted on 11/28/2004 2:11:58 PM PST by BenLurkin
BOSTON (AP) -- The photo shows Bradford C. Bleidt, a prominent member of Boston's business community, dressed in suit and tie at a party for staff of the business news radio station he was selling as it ramped up to a new 24-hour format. But the faint smile on his face, drink in hand, seemingly enjoying the get-together, betrayed the inner turmoil spinning inside him.
The next day, the savvy but sometimes overly optimistic entrepreneur showed another side -- Bleidt tried unsuccessfully to take his own life, the only miscue in his elaborate plan to end a two-decades-long deception that investigators believe robbed as many as 140 investors of tens of millions of dollars.
Before his suicide attempt, Bleidt recorded and sent at least nine audio tapes describing his "great big Ponzi scheme" to regulators, business associates and family.
Among the recipients were his mother, who has said she was among the victims swindled by her son, and his wife Bonnie, who says the tape he made her was the first she learned of the deception.
Brad Bleidt, 50, is jailed on mail fraud charges as he undergoes a court-ordered psychiatric evaluation and faces a civil complaint from the Securities and Exchange Commission. Regulators are trying to recover money for Bleidt's investment victims, from retirees to a Greek Orthodox church to a Masons hall. The pending sale of WBIX-AM is derailed, threatening dozens of jobs.
Meanwhile, Bleidt's friends and colleagues wonder how he kept the secret for so long.
"We knew there was sort of a bumbling Brad, but we didn't know there was an evil twin," said Mark Mills, host of a daily "Market Wrap" show at WBIX, which Bleidt has admitted buying with money stolen from clients of his investment business.
"He was just a guy who had big dreams and big schemes. ... He's a very engaging and charming guy, kind of a lovable rogue in a way," Mills said. "He makes a lot of promises that he doesn't keep. It's not so malicious as bumbling, in that he hopes to accomplish what he can't accomplish."
Bleidt remained optimistic as he tried to close the station's sale to a buyer who is now backing out of the deal so a court-appointed receiver can recover assets for cheated investors.
Bleidt's attorney, Edward Lee, did not return a phone call seeking comment.
A week after the suicide attempt, Bonnie Bleidt, a certified financial planner who was the on-air host of a WBIX show, issued a statement saying she was mystified by her husband's confessions.
"Brad is obviously a very troubled person who, for reasons that only he knows, caused an enormous amount of damage to a lot of people," she said.
Bleidt is recovering from spinal surgery to fuse three vertebrae after he broke his neck during the suicide attempt. Investigators believe Bleidt sent his confession tapes the day after WBIX's party and then attempted suicide.
Bleidt came forward after not having enough cash to return $1.5 million to a Greek Orthodox church that had invested with his firm, Allocation Plus Asset Management. Previously, Bleidt had been careful to ensure he had enough cash on hand to handle such requests.
"There is a client that needs a million and half dollars wired into their account that's supposed to be there this morning, and obviously, it's not going to be there this morning because the money's gone. I stole it," Bleidt said on the tape, portions of which are quoted in court documents.
"I"m deeply sorry, and I don't expect to ever be forgiven for this," he said. "I'm going to hell, and I've been in hell for years, just with the terror knowing what I've done and the guilt of who I'm doing it to."
The fraud had escaped investigators, despite a routine examination at Bleidt's office by four SEC examiners in 2001. Investigators say Bleidt showed examiners only the books of a few hundred legitimate accounts he kept. Another set of books kept in a locked cabinet detailed accounts of perhaps as many as 140 others whose money was diverted into Bleidt's private account.
Employees at WBIX are expecting to eventually get layoff notices, Mills said.
"There are so many lives shredded to varying degrees," he said. "It's amazing how many lives were linked to the fate of this one man. He was the center of all this, and having the dark side come out has upended dozens of lives, personally and professionally. It's amazing how much revolved around one man."
I'm just amazed that these types of people attract so many people apparently eager to entrust their life savings to them.
There is no way I would entrust my savings to any one person like this. Even if it was a close family member. (As it was, this guy ripped off his own mother and drained her life's savings as well.)
Bet he was a Kerry contributer.
That's a new way of describing sin; "having the dark side come out."
This is the first I've heard of it. What number is WBIX?
Taking your own mother to the cleaners? Now that is about as low as one can get.
"And it's a beautiful day"
No kidding. Just listen to the radio casually, and you can tell the major players have a lock on this market. There are about three significant AM stations, and maybe five or ten FM. The rest are all doomed with a small lunatic audience.
I believe it is 1060 on the AM dial. I tuned in out of curiosity about a week ago. It's a real snoozer. Lot of canned material.
This guy sounds like he could be the democrats nominee for 2008. Watch out Hillary, this guy could steal your thunder!
He described the SOCIAL SECURITY system ? Why? He works for a radio station. Curious.
Yes, and who knows what format it will have when it's eventually sold. "Business Radio" may soon be "Out-Of-
Business Radio". Though I did enjoy an interview one
host had with the author of the book "Made You Laugh"
(about comedy TV/radio/films, etc.) Outside of features
like that, I'd probably have little reason to listen.
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