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The Boston Globe

Business

Belmont businessman pressed on funds in court

Jack Cranney says FBI seized records of losses

Jack Cranney heard the same question again and again in a US Bankruptcy Court hearing Monday: What did you do with the money?

Cranney, a Belmont businessman, soughtbankruptcy protection last month while under investigation by state and federal authorities and battling lawsuits filed by people who say he owes them money. Cranney estimated his total debts at $12 million in testimony at the Boston hearing with the bankruptcy court trustee, creditors, and their lawyers.

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