Stoltmann Law Offices continues to investigate Dawn Bennett, a former financial advisor who had civil fraud charges brought against her by the Securities and Exchange Commission (SEC) on Monday. Bennett was once the host of a radio show called “Financial Myth Busting with Dawn Bennett,” and regularly contributed to CNBC, and Financial Advisor magazine’s website, among other sources serving the financial services industry. She was barred from the industry in July 2016 after allegedly exaggerating the amount of client assets she and her firm filed. Bennett founded and owned DJBennett, a Washington, D.C.-based retail sports apparel business. Allegedly, from December 2014 until July 2017, she offered investors promissory notes in the company by making false and misleading statements. She allegedly targeted elderly and financially unsophisticated investors by misrepresenting the company’s profitability and by claiming that the company had the resources to pay annual rates of return up to 15 percent. She also misled clients about the liabilities and risk associated with their investments. She told them that their funds would be used for “corporate” purposes, but she actually used the proceeds to pay earlier investors, to pay off debt and to purchase jewelry and an annual lease for a luxury suite at AT&T Stadium in Dallas, Texas. The SEC claims she inflated her AUM by at least $1.5 billion.
According to the Financial Industry Regulatory Authority (FINRA), Bennett was registered with Wheat, First Securities in Charlotte, North Carolina, Legg Mason Wood Walker in Baltimore, Maryland from August 1996 until February 2006, Citigroup Global Markets in New York, New York from February 2006 until February 2006, Royal Alliance Associates in Washington, D.C. from February 2006 until October 2009 and Western International Securities in Washington, D.C. from October 2009 until December 2015. She has 13 customer disputes against her, six of which are currently pending. She has been permanently barred from the industry.
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