Swindled

Published by The National Herald, November 19, 2004

Weston Parish Swindled Out of $1.5 Million

By Theodore Kalmoukos
Special to The National Herald

BOSTON, Mass. - The owner of a Boston business news radio station sent a tape in which he allegedly confessed to buying the station with millions of dollars he stole from client deposits to his investments-management business, according to federal securities regulators.

The National Herald has verified that one of those clients was Saint Demetrios Greek Orthodox Church in Weston.

In a letter dated November 16, Rev. Nicholas Krommydas, pastor of St. Demetrios Church, and Christopher Pappas, president of the church’s parish council, inform members of the parish that church funds were mismanaged and embezzled:

"It is with profound regret that we advise you St. Demetrios Church has been victimized by an apparent theft by a money manager engaged to invest certain funds donated to the church. The funds at issue are not stewardship moneys contributed regularly by our membership. They are, however, portions of two relatively large gifts made to the church and earmarked by our Capital Campaign," the letter states.

The letter also tells parishioners that a general assembly meeting will be held after church services this coming Sunday, November 21.

Father Krommydas declined comment, but according to sources close to the investigation, the church invested $1.5 million with Allocation Plus Asset Management Company, a Boston-based financial planning firm operated by Bradford Bleidt, who also owns WBIX FM.

Earlier this month, parish officials asked Mr. Bleidt to return the money they had invested on behalf of the church, and that’s when they learned the funds were gone.

Mr. Bleidt, 50, allegedly swindled his own mother. In an interview, Mary Frances Bleidt (from her home in Charleston, West Virginia), told the Boston Herald that her son also sent her a confessional tape similar to the one he sent to federal investigators at the Securities & Exchange Commission last week.

"I lost my money, too," said Mrs. Bleidt, a widow, although she did not disclose the amount. "I’m hurting. I’m hurting bad," she said, adding that her son, the second of four children, had never done anything wrong growing up: "He’s never stolen or been in trouble."

WBIX Station Spokesman George Regan said Mr. Bleidt attempted to commit suicide last Wednesday night or Thursday morning, November 10-11. According to press reports, he was listed in critical condition at a Boston hospital last Sunday, November 14.

The alleged suicide attempt reportedly came after Mr. Bleidt attended a Wednesday evening party to celebrate the station’s new 24-hour format and new ownership. Mr. Bleidt was selling the station in a deal which had been expected to close by the end of this month. An emergency court order obtained by the SEC temporarily froze Mr. Bleidt’s assets, however, and blocks the sale of WBIX.

In the tape sent to SEC investigators, Mr. Bleidt allegedly admitted that he stole "tens of millions of dollars over 20 years," according to Silvestre Fontes, senior counsel for the SEC’s Boston office.

Investigators have since reportedly discovered that Mr. Bleidt kept two sets of books during his time as a Boston investment manager - one for investors whose money went into legitimate accounts, and another for funds stolen from investors.

Mr. Bleidt’s alleged scheme apparently unraveled when the church asked for its money back, but Mr. Bleidt reportedly informed church officials he did not have the money to return.

Editor’s Note: The above story incorporates information from reports posted by the Associated Press on November 16-17. Evan C. Lambrou also contributed to the story.



Volume 6 Number 47 - Tuesday, November 23rd, 2004	A Publication of the ORTHODOX CHRISTIAN LAITY