May 26, 2022
Brenda Smith, who was charged with defrauding investors, was sentenced to 109 months in prison and ordered to pay $47.2 million in restitution in a parallel criminal case. The SEC’s complaint alleged that Smith and her fund Broad Reach Capital, LP, raised approximately $105 million from approximately 40 investors by telling them that she would invest their money in publicly traded securities with high returns. However, it is alleged that Smith used investors’ money to repay other investors and for her own personal investments, in addition to providing false statements.
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