The Securities and Exchange Commission Dec. 12 alleged that New York attorney Charles Bennett raised approximately $5 million through a sham investment opportunity that defrauded clients, family and friends (SEC v. Bennett, S.D.N.Y., 1:14-cv-09828, 12/12/14).
According to the SEC in the U.S. District Court for the Southern District of New York, Bennett sold purported stakes in a pool of funds that invested in joint ventures—mostly mortgage-backed securities from Europe—with another investment fund.
The agency, however, said Bennett did not have any ties to the other fund he purportedly invested with. Instead, according to the SEC, he misappropriated his ...
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