SEC Charges New York Attorney in Ponzi Scheme

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Dec. 12 — The SEC Dec. 12 chargedCharles A. Bennett, a Manhattan-based attorney, with conducting a Ponzi scheme that defrauded clients, friends and family. The SEC accused Bennett of violating the antifraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934, and with selling securities for which no registration statement is active or on file with the SEC. According to the SEC, Bennett raised approximately $5 million by falsely portraying himself to be associated with a Wyoming-based investment fund and soliciting investors with promises of lucrative rates of return ranging from 6 to 25 percent over short periods of time.

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