Brandon Benson Indicted on Fraud Charges After Allegedly Perpetrating a Ponzi Scheme Involving African Oil Deals
Brandon Benson, who lived in Salt Lake City, Utah and Orange County, California, defrauded investors by encouraging them to invest in a Ponzi scheme involving Nigerian “oil deals,” according to an indictment issued by a federal grand jury.
Benson informed investors they could profit on deals involving oil purchases in Africa that would later be sold at a higher price someplace else in Africa, according to the indictment. Benson promised returns of 40 to 120 percent a year, according to the indictment.
Benson used investors’ money to make payments to other investors and also used investors’ money for personal expenses and to support his lavish lifestyle, according to the indictment.
Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Rosca, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.