Radio Show Host Accused of Cheating Listeners

Irwin (Sonny) Bloch, one of the nation’s longest-running financial radio talk show hosts, was charged by federal authorities Thursday of using his popular programs to cheat listeners out of millions of dollars.

Bloch, 58, was accused in a 35-count criminal case in Newark, N.J., and a civil case filed by the Securities and Exchange Commission in Manhattan federal court of using his fans’ investments to buy his own real estate and cover personal expenses.

Bloch’s lawyer, Paul Goldberger, said his client is living in the Dominican Republic, where he moved before any federal charges were brought. He said Bloch, who has been under investigation for at least six months, felt he was being terrorized by authorities who raided his Tampa Bay, Fla., home twice over the last six months.

“He’s clearly not guilty; he hasn’t done anything wrong,” Goldberger said, adding that his client’s programs are still being broadcast in 144 cities nationwide.

The criminal case accuses Bloch and four others of conspiracy, wire and mail fraud, interstate transportation of money obtained by fraud and making false statements to a bank.

U.S. Atty. Faith Hochberg in Newark said Bloch lured investors into putting $17 million into three wireless communications systems that either failed or are barely operating.

Those companies are Southern Tennessee Wireless Cable of Hohenwald, Tenn.; Greater Columbia Basin Wireless Cable of Kennedick, Wash., and Global Wireless & World Wireless of Caracas, Venezuela.

“These investments turned out to be virtually worthless,” Hochberg said. A large share of the money “went to enrich the defendants.”

In the SEC case, Bloch is described as a “self-styled consumer advocate” who allegedly used his programs to sell “membership interests” in three radio stations in Florida and Connecticut.

A judge issued an order temporarily freezing Bloch’s assets shortly after the suit was filed, the SEC said.

The suit asks the court to order the defendants to repay all investor funds that had been unlawfully diverted, plus interest.