INDIANAPOLIS, Ind. (WOWO): A Fort Wayne man is facing fraud charges after he sold securities without a license.
The Indiana Secretary of State alleges that Scott Benjamin of Orange Financial Investments sold products door-to-door and advertised his services in a Fort Wayne newspaper.
According to a statement Thursday, Benjamin convinced a Adams County couple to invest $20,000 dollars in a CD with the promise of quarterly interest checks.
But, the return on investment, as promised by Benjamin didn't match up.
Secretary of State Connie Lawson says its a always a great reminder to always check credentials before investing with anyone.
Here's the original press release
Fort Wayne man charged with securities fraud
Alleged fraudster used door-to-door tactics to solicit victims
INDIANAPOLIS (August 20, 2015) —Today, Scott A. Benjamin of Allen County was charged with securities fraud, selling unregistered securities and not being registered to sell securities in Indiana, which is required by law. Benjamin is the owner of Orange Financial Investments, LLC based in Fort Wayne.
Benjamin offered CDs with an interest rate of 3.5 percent through his company by going door-to-door in an Allen County retirement community and advertising in a Fort Wayne newspaper. A couple in Adams County read about the investment through the newspaper advertisement and invested $20,000 in a CD with Benjamin. He promised the couple quarterly interest checks; however, the interest checks received were either inconsistent or sporadic. To date, the investors have not received their principle investment or the accrued interest.
“This case is a great reminder to always check with my office before investing your hard earned money,” said Secretary Lawson. “Unregistered individuals selling unregistered investments are a common theme among investment fraudsters. A simple background check could save your precious investment dollars.”
The investigation began when the Secretary of State’s Office received information regarding Benjamin’s door to door tactics. After a diligent search, the Secretary of State’s Office found that neither Benjamin, his company Orange Financial Investments, nor the products he was selling were registered with the Indiana Secretary of State’s Office. Benjamin has admitted to selling the CDs to fund his personal trading account and pay for personal expenses.
This is still an ongoing investigation. The counts described are allegations. Benjamin is presumed innocent until proven guilty. Anyone who invested with Benjamin should contact the Secretary of State’s Office at 317-232-6681.
For information on how to avoid becoming a victim of investment fraud visit www.indianamoneywise.com.
