Salesman sentenced for con at retirement community

INDIANAPOLIS (WANE) A Fort Wayne man who sold unregistered investments door-to-door at a local retirement community has been sentenced.

Scott A. Benjamin, the owner of Fort Wayne-based Orange Financial Investments, LLC, was sentenced to three years of probation and ordered to repay $21,250 in restitution to one victim for the sale of unregistered securities.

Scott A. Benjamin
Scott A. Benjamin

According to the Indiana Secretary of State’s Office, Benjamin went door-to-door in an Allen County retirement community and offered CDs with an interest rate of 3.5 percent. He also advertised in a Fort Wayne newspaper.

One Adams County couple bit on the deal and invested $20,000 in a CD with Benjamin, the Secretary of State’s Office said. In return, he promised the couple quarterly interest checks, but the interest checks were either inconsistent or sporadic.

The Secretary of State’s Office began investigating and found that neither Benjamin, his company nor the products he was selling were registered with the state, as required by law.

Benjamin admitted to selling the CDs to fund his personal trading account and to pay for personal expenses.

“This case is particularly troubling because Benjamin was attempting to take hard earned money from seniors in a retirement community,” said Indiana Secretary of State Connie Lawson. “As a reminder, a simple background check with my office could save your precious investment dollars.”

Added Securities Commissioner Alex Glass: “Hoosiers must be diligent as this type of activity is increasing every day. Seniors are a particularly vulnerable group and must be extra diligent when it comes to choosing where to invest their nest egg.”

Comments are closed.