Controversial N.J. Brokerage Chief to Resign
Robert Brennan, a controversial entrepreneur who built First Jersey Securities Inc. into a nationwide stock brokerage firm, is resigning as chairman to pursue other interests that could include politics, he said in an interview published Wednesday by the Newark (N.J.) Star-Ledger.
Brennan, seen in television commercials flying in his helicopter to promote First Jersey Securities, will also step down as chief executive of the firm that he founded 12 years ago. But he will remain a director, he said in the interview.
Brennan was quoted by the newspaper as saying he planned to devote more time to other interests, including International Thoroughbred Breeders, which owns Garden State Park and Philadelphia Park and of which he is the majority stockholder and co-chairman.
His company underwrites and distributes low-priced securities and specializes in small firms traded over the counter.
Brennan, 42, began dabbling in politics about six years ago when he purchased bulletproof vests for the New Jersey State Police and presented them at a ceremony in the offices of former Gov. Brendan Byrne.
As First Jersey Securities chief, Brennan was the focus of a 10-year investigation by the Securities and Exchange Commission on charges of unethical practices. Recently, a federal grand jury and a congressional subcommittee launched investigations into charges of Brennan’s possible involvement in illegal campaign contributions.
Brennan has denied the latest accusations. He was quoted by the Star-Ledger as saying the tangle of legal problems had nothing to do with his stepping down.
