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Former Lawyer Sentenced for Ponzi Scheme
Charles A. Bennett, a former corporate lawyer, was sentenced to five years in prison for his role in a multimillion-dollar Ponzi scheme in New York City.
According to the United States Attorney for the Southern District of New York, Preet Bharara, Bennett engaged in the scheme from 2008 to 2014, soliciting money from over 30 investors with false and misleading representations. Bennett claimed to have exclusive access to a highly successful privately held investment fund and told investors that their money would be held in his account.
However, Bennett never invested any of the money in the investment fund or any other investment vehicle. Instead, he used the investors’ money for his own personal benefit and to pay back other investors.
Bennett was sentenced to five years in prison and three years of supervised release. He was also ordered to forfeit the proceeds of the scheme and pay restitution in an amount to be determined.
The case was brought in connection with the President’s Financial Fraud Enforcement Task Force, which was established to investigate and prosecute financial crimes.
The task force has made great strides in facilitating increased investigation and prosecution of financial crimes, and Bennett’s sentence reflects the seriousness of his crimes.
Bennett’s scheme caused investors to lose over $5 million, and his sentence serves as a reminder of the consequences of financial crimes.
Bennett’s case is a reminder that financial crimes can have serious consequences for individuals and communities.
The Federal Bureau of Investigation was praised for their work in investigating the case.
Bennett, 58, was a former corporate lawyer at a law firm based in New York City.
He pled guilty on October 28, 2015, to one count of securities fraud and one count of wire fraud before United States District Judge Laura Taylor Swain.
Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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