Many of Thomas Renison’s clients said they trusted him unequivocally. It turned out to be their biggest mistake.
The former-Connecticut investment advisor was sentenced last week to four years in prison for his role in running a Ponzi scheme that fleeced his mostly-elderly clients out of $6 million in retirement savings. Between 2015 and 2018, prosecutors accused Renison of convincing 15 clients from his former investment business, where he mostly sold insurance policies and advised on retirement strategies, to empty out their savings and pour it into a fund he and Alcott had launched called ARO Equity LLC.
“If my late father had never met Tom Renison, he could have lived the last several years of his life as he had planned — financially independent and relatively stress-free. Instead, the last several years of his life were filled with nothing but worry, stress and humiliation,” the son of one unnamed victim who lost his entire $1.3 million nest egg, wrote in a letter to the judge.