Portland Man Sentenced for $2 Million Wire Fraud Scheme
A Portland man who claimed to be a successful foreign exchange currency trader has been sentenced to federal prison for a wire fraud scheme that defrauded victims out of more than $2 million.
William Bennington, 53, was sentenced to 51 months in federal prison and three years’ supervised release on .
According to court documents, Bennington knowingly and intentionally carried out a scheme to defraud victims out of more than $2 million from until .
In order to solicit investments, Bennington claimed to be a wealthy foreign exchange currency trader that had written a proprietary trading algorithm, which he alleged was the source of his wealth.
Over the course of the scheme, Bennington promised annual returns of up to 80 percent and repayment terms as short as six months. He also created a fake website and fabricated monthly statements falsely showing victims were earning significant returns.
Instead of investing his victims’ money as promised, Bennington spent it on extravagant trips, a golf simulator, and personal expenses such as rent, vehicle leases and credit card payments.
This case was investigated by the FBI, and was prosecuted by Robert Trisotto, Assistant U.S. Attorney for the District of Oregon. The defendant was charged with wire fraud in a five-count indictment returned by a federal grand jury in Portland on .
The indictment charged Bennington with wire fraud, and he later pleaded guilty to one count of wire fraud on .
Bennnington spent his victims’ money on personal items, including a golf simulator and trips.
The FBI investigated the case, and Robert Trisotto prosecuted the case. Bennington was sentenced to 51 months in prison and three years’ supervised release.
Key Facts
- State: Oregon
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
ðŸâ€Â’ Get the grimiest stories delivered weekly. Subscribe free →
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News