Tr?id=566623520170033&ev=PageView&noscript=1

Notable February 2022 Ponzi Schemes

Posted on March 7th, 2022 at 9:08 AM
Notable February 2022 Ponzi Schemes

From the Desk of Jim Eccleston at Eccleston Law:

As we turn the calendar over to March, let’s recap some of the notable investment advisors who were indicted for conducting Ponzi schemes in February 2022.


In one case, Dawn Bennett had a judgement entered against her related to the Ponzi scheme she orchestrated through DJB Holdings and DJBennett.com. Bennett, 58, was ordered to pay $14.5 million in restitution and is serving a 20-year prison sentence. Bennett, who generated nearly $20 million from 46 investors, allegedly informed investors that her company would become a sportswear behemoth that would rival Under Armour.


In another case, Rudy Avila received a 17-year prison sentence and was ordered to pay at least $14.9 million in restitution pertaining to a Ponzi scheme she allegedly conducted through Starwood Asset Management Fund and Commodities Investment Group International. Avila, 69, regularly wired nearly 90% of investment funds to co-conspirators in Costa Rica.


Arizona resident, Bradley Heinrichs, was indicted on charges pertaining to an alleged $82 million Ponzi scheme. Heinrichs, 41, and several co-conspirators orchestrated a scheme involving the sale of Arizona real estate. Heinrichs and the co-conspirators allegedly promised double-digit returns to at least 110 investors.


Finally, Zachary Horowitz allegedly conducted a $650 million Ponzi scheme, which defrauded at least 200 investors. Horowitz, 35, received a 20-year prison sentence and was ordered to pay nearly $230 million in restitution. The scheme was operated through 1inMM Capital LLC and involved sham film licensing deals. Horowitz allegedly promised returns from the purported license to distribute films to Netflix and HBO.


Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

 
 
 

Tags:

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

That is just fantastic! Thank you very much!

Julie N.

LATEST NEWS AND ARTICLES

1777565671 Law
April 30, 2026
SEC Charges Adviser's Estate and Firm in Alleged $1.68 Million Client Fund Misappropriation Scheme

The Securities and Exchange Commission has filed a civil enforcement action against the estate of former investment adviser John R.

1777479103 Law
April 29, 2026
Hightower Advisors Faces Class Action Over Alleged Data Breach

Hightower Holding LLC is facing a class action lawsuit alleging that the firm failed to protect sensitive personal information following a data breach affecting thousands of individuals, according to reporting by Financial Advisor News.

1777391003 Law
April 28, 2026
Former Morgan Stanley Advisor Faces Trial Over Alleged Scheme Targeting NBA Players

A former Morgan Stanley financial advisor is charged with defrauding professional basketball players through complex investment transactions involving viatical settlements, according to reporting by InvestmentNews.