Charles Bennett, a Former Corporate Lawyer at Skadden, Arps, Slate, Meagher & Flom, Sentenced to Prison for Running a $5 Million Ponzi Scheme
May 19, 2016, New York – Charles Bennett, 57, a former corporate lawyer at Skadden, Arps, Slate, Meagher & Flom, was sentenced to prison for running a $5 million Ponzi scheme. Bennett had left a suicide note before trying to kill himself which revealed the scheme that defrauded his friends and family members. Bennett survived the suicide attempt.
Bennett allegedly began the scheme in 2008, duping several investors with promises of up to 25 percent returns and misleading claims. As per the complaint, the investment fraud came after Bennett launched his own law practice in 2001. As a part of the scheme, Bennett allegedly told investors that he had a relationship with a Wyoming fund manager and could arrange for investments in his fund. But Bennett never invested the money and instead used it for his own benefit and to repay investors. He attempted to commit suicide after investors began demanding repayment.
The case is U.S. v. Bennett, U.S. District Court, Southern District of New York, Case No. 15-00020.
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