Sections
Shortcuts
Business

Creditors of Belmont man accused of Ponzi scheme fear they’ll lose all in a bankruptcy liquidation

This is a summary. To read the whole story subscribe to BostonGlobe.com

One of Jack Cranney’s creditors, an elegant blonde Texan woman, wept quietly under a withering round of questions Tuesday on the witness stand in Federal Bankruptcy Court.

Asked again and again why she loaned $215,000 to the Belmont man accused of running a Ponzi scheme, Susan Long said of Cranney and his wife, “Because I love them.”

Long was just one of Cranney’s close friends and colleagues from the Shaklee Corp. to appear in court in Boston Tuesday. Each testified to a friendship established over decades, and often gratitude for his help building their businesses. They all came to back Cranney’s effort to reorganize his debts under Chapter 11 — and to fight the bankruptcy trustee’s effort to convert the case to a Chapter 7 liquidation.

Full story for BostonGlobe.com subscribers.

Get the full story with unlimited access to BostonGlobe.com.

Just 99 cents for four weeks.

Sections
Shortcuts

Share