Subscribe

Dawn Bennett appeals conviction of running $20 million Ponzi

In July, Ms. Bennett was sentenced to 20 years in prison.

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.

Learn more about reprints and licensing for this article.

Recent Articles by Author

Barred Texas broker sold GPB fund without a license: SEC

"The only way to really address recidivism is through bringing criminal cases," one attorney said.

LPL shares hit fresh high after strong earnings

"Recruiting is as strong as ever" at LPL, one analyst noted.

Cetera’s Durbin says IPO clock has yet to tick

"Every private equity deal we have seen in the brokerage industry has lasted five to seven years," one executive said.

Finra bars ex-Wells Fargo broker firm accused of theft  

“We’ve done scores of theft cases over the years and it’s a cancer," said one attorney.

Blackstone makes more real estate moves

"Interest rates aren’t going down anytime soon," said James Corl of Cohen & Steers.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print