President of Pet Care Company Indicted
ST. LOUIS (AP) -- The president of an eastern Missouri pet care company is facing federal indictment for mail fraud.
The U.S. Attorney's office in St. Louis announced the indictment Monday of 62-year-old Frank Renick of Montgomery City, president of Spectrum Pet Care Inc. The Montgomery City company makes pet food and pet treat products.
The indictment alleges that Renick lied to investors about Spectrum's financial condition and how the funds would be used. Federal prosecutors say he used invested money to repay other investors and for personal expenses.
The indictment alleges that investors lost millions of dollars.
It wasn't immediately clear if Renick had an attorney. He did not have a telephone listing and phone calls to Spetrum went unanswered.