Financial adviser dupes couple out of $20K

Mug shot of Scott A. Benjamin courtesy the Allen County Sheriff's Department.

INDIANAPOLIS, Ind. (WANE) An Allen County man has been charged with securities fraud after going door-to-door and taking out advertisements to solicit investors.

According to a release form the office of the Indiana Secretary of State, Scott A. Benjamin was charged with securities fraud, selling unregistered securities and not being registered to sell securities in Indiana, which is required by law. Benjamin admitted to selling the CDs to fund his personal trading account and pay for personal expenses, according to the release.

Benjamin owns the company Orange Financial Investments, LLC, which is based in Fort Wayne. His company offered CD’s with an interest rate of 3.5 percent. A couple in Adams County read about the investments through the newspaper and invested $20,000 in a CD. The couple was promised quarterly interest checks, which were inconsistent. The release stated that the couple has not received their principle investment or their accrued interest.

As the Secretary of State’s office investigated, it was determined that Orange Financial Investments and its products were not registered with the state.

“This case is a great reminder to always check with my office before investing your hard earned money,” Secretary Lawson said. “Unregistered individuals selling unregistered investments are a common theme among investment fraudsters.  A simple background check could save your precious investment dollars.”

Anyone who has invested with Benjamin is asked to 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.

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