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Widely followed financial planner Dawn J. Bennett hosted a radio show called Financial Myth Busting, and federal authorities allege her on-air claims about her AUM were myths, too.
The SEC announced fraud charges Wednesday claiming that the Washington, D.C.-based advisor “frequently touted to customers and more broadly on her paid radio program that highly profitable investment returns generated by Bennett Group Financial Services placed it in the ‘top 1%’ of firms worldwide without disclosing that the returns were calculated for a model portfolio and not based on actual investor performance.”
“We allege that in a calculated effort to inflate their profile and prestige, Bennett and her firm overhyped the amount of assets they manage for customers and the actual returns on their investments,” said Sharon Binger, director of the SEC’s regional office in Philadelphia. “The investing public is entitled to a level of confidence that...