SEC Accuses Barred Advisor Of Running $20 Million Ponzi Scheme

From Financial Advisor, “A former Washington-area financial advisor and radio host allegedly used proceeds from a $20 million Ponzi scheme to buy jewelry, luxury clothing and a suite to watch the NFL’s Dallas Cowboys at AT&T Stadium.

To finance DJBennett, Bennett allegedly targeted elderly and financially unsophisticated investors by misrepresenting the company’s profitability and by claiming that the company had the resources to pay annual rates of return up to 15 percent.

Bennett also allegedly misled investors about DJBennett’s liabilities and the risk associated with their investments.

According to the SEC’s complaint, Bennett told investors that the funds would be used for “corporate” purposes, when she actually used the proceeds to pay earlier investors, to service debt and to purchase luxuries including high-end clothing, jewelry, “mystics,” and $500,000 in annual lease for a luxury suite at AT&T Stadium in Dallas.”

Leave a comment

Filed under Uncategorized

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s