Dawn Bennett appeals conviction of running $20 million Ponzi

Dawn Bennett appeals conviction of running $20 million Ponzi
In July, Ms. Bennett was sentenced to 20 years in prison.
AUG 22, 2019

After being sentenced to 20 years in prison at the end of last month, former financial adviser Dawn Bennett is seeking an appeal to her conviction on 17 federal charges related to a $20 million Ponzi scheme. Her attorney filed the notice last Friday. Ms. Bennett is asking the 4th U.S. Circuit Court of Appeals to review her case. Ms. Bennett, 56, who formerly operated Bennett Financial Group Services in Chevy Chase, Md., was found guilty in October of all charges against her, including conspiracy, securities fraud, wire fraud, bank fraud and making false statements on a loan application. [Recommended video: Next gen advisers must be more diverse] In one instance she spent $500,000 a year in clients' money to pay for a suite at the Dallas Cowboys football stadium. According to the FBI, Ms. Bennett had many times cast a "hoodoo spell" in hopes of paranormally silencing the Securities and Exchange Commission attorneys investigating Bennett. She received the maximum sentence in addition to five years of supervised probation upon her release. Judge Paula Xinis ordered that Ms. Bennett must pay restitution of $14.5 million and forfeiture of $14.3 million. Ms. Bennett could not be reached for comment. Her current address in court filings is listed as a prison in Baltimore. The attorney who filed her appeal, William E. Zapf, did not return a call on Thursday for comment.

Latest News

Why the off-channel comms problem is far from solved
Why the off-channel comms problem is far from solved

Despite a lighter regulatory outlook and staffing disruptions at the SEC, one compliance expert says RIA firms shouldn't expect a "free pass."

FINRA penalizes another broker dealer for social media miscues
FINRA penalizes another broker dealer for social media miscues

FINRA has been focused on firms and their use of social media for several years.

Advisor moves: LPL recruits Merrill alum, Raymond James adds defectors from Edward Jones and Janney
Advisor moves: LPL recruits Merrill alum, Raymond James adds defectors from Edward Jones and Janney

RayJay's latest additions bolster its independent advisor channel's presence across Pennsylvania, Florida, and Washington.

Cantor Fitzgerald to acquire hedge fund unit from UBS
Cantor Fitzgerald to acquire hedge fund unit from UBS

The deal ending more than 30 years of ownership by the Swiss bank includes six investment strategies representing more than $11 billion in AUM.

Navigating life’s big transitions for women clients
Navigating life’s big transitions for women clients

Divorce, widowhood, and retirement are events when financial advisors may provide stability and guidance.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave

SPONSORED The evolution of private credit

From direct lending to asset-based finance to commercial real estate debt.