The Boston Herald reported a suicide attempt by WBIX(AM) owner Bradford Bleidt, saying he first delivered a taped confession to the Securities & Exchange Commission detailing how he allegedly stole a fortune from clients of his financial planning firm.
He was reported by the newspaper to be in critical condition.
The paper also stated that the development has raised questions about the future of the all-business station and “has left staffers wondering who, if anyone, will pay their salaries.”
Bleidt reportedly purchased a controlling interest in the station earlier this year.
“Hello, my name is Brad,” the tape began, “and I’m reporting a serious breach of professional conduct and just criminal behavior. I’m reporting myself.” The tape went on to state that Bleidt “over the last twenty years” had “stolen tens of millions of dollars from clients through Allocation Plus.” According to transcripts, some of the funds were used to acquire a controlling stake in WBIX, and possibly to subsidize the station’s operations.
Thursday, Nov. 11 is the day Bleidt termed his “day of reckoning,” as there was a client that needed “a million-and-a-half dollars wired into their account that’s supposed to be there this morning. Obviously, it’s not going to be there this morning because the money is gone,” the transcript reads.
The Herald reported that emergency action was taken last Friday in U.S. District Court, when the SEC froze Bleidt’s personal assets and the assets of his company. The Securities Division of Secretary of State William F. Galvin’s office took similar actions, authorities said. Additionally, the court appointed a receiver for Allocation Plus, while issuing a temporary restraining order to prevent further violations of the SEC’s anti-fraud rules.
“All we really know is what he confessed to,” said Silvestre Fontes, senior trial counsel for the SEC. “Millions of dollars were stolen over the last 20 years.” He added that SEC investigators had questioned employees and examined documents on Friday at Allocation Plus’ offices.
Details of how Bleidt injured himself could not be corroborated by the newspaper.