Woman Accused of Running Ponzi Scheme Through Luxury Sportswear Website

From Bethesda Magazine, “Bennett, a 55-year-old former financial radio show host, faces prosecution from both the U.S. Department of Justice and the U.S. Securities and Exchange Commission in what was described as a Ponzi scheme.

Instead of putting the investments toward the business, Bennett reportedly used much of the investments to pay back earlier investors and make purchases to support an extravagant lifestyle, according to charging documents.

Her alleged purchases included jewelry, clothing, payments on a mortgage on a Chevy Chase penthouse condo and a $500,000 annual 20-year lease for a suite at A&T Stadium, home of the Dallas Cowboys. She also spent money on mystics and $29,715 on astrological gems, documents claim.

Bennett allegedly also attempted to pay them by inflating her net worth to take out loans, charging documents say. In one instance, she had an employee apply for a $750,000 line of credit for her apparel company by listing a portfolio value of $4 million, according to the Justice Department. In reality, the account had $35.”

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