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1
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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
JUSTICE PERJURY BENNETT COMMISSION COMMIT PERJURY BFG INVESTORS CONSPIRACY SECURITIES PATRICK UNITED STATES UNITED STATES ATTORNEY PLEADED GUILTY FRAUD EXCHANGE COMMISSION ACCOUNTING KENTON GROUP CIVIL ACTION SOUTHERN DISTRICT YORK CHIEF FINANCIAL OFFICER PARTNER KASARJIAN MANAGEMENT FUNDING FRAUDULENTLY OFFERING SELLING EQUIPMENT GENOVESE |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 15398 / June 26, 1997
Accounting and Auditing Enforcement Release No. 932
SECURITIES AND EXCHANGE COMMISSION V. PATRICK R. BENNETT ET AL., 96
CIV.
2237 (JES)(S.D.N.Y.); SECURITIES AND EXCHANGE COMMISSION V. KENNETH
P.
KASARJIAN, THE KENTON GROUP, INC. F/K/A KENTON PORTFOLIO MANAGEMENT,
INC.,
97 Civ. 2516 (JES)(S.D.N.Y.)
The Commission announced that six individuals were charged today
with
committing crimes stemming from the massive Ponzi scheme that was
allegedly
perpetrated by The Bennett Funding Group, Inc. ("BFG"). With today's
actions, brought by the Office of the United States Attorney for the
Southern District of New York, a total of nine former BFG employees
or
associates have now been indicted for or pled guilty to criminal
conduct
since the Commission filed its first civil action in March 1996. In
the
March 1996, complaint the Commission charged BFG; Patrick R. Bennett
("Patrick Bennett"), BFG's chief financial officer; Bennett Management
and
Development Corporation ("BMDC"); and two BFG subsidiaries with
fraudulently offering and selling hundreds of millions of dollars of
equipment leases and promissory notes to several thousand investors.
On
April 10, 1997, the Commission brought a second civil action charging
Kenneth P. Kasarjian and a corporation he controlled, the Kenton
Group,
Inc., with fraudulently offering and selling BFG securities through a
network of broker-dealers.
The Office of the United States Attorney for the Southern District
of
New York announced that a grand jury has indicted the following four
individuals:
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