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A Portland man, who for more than a decade claimed to be a successful foreign exchange currency trader to solicit millions of dollars in investments, was sentenced to federal prison yesterday for wire fraud.
William Bennington, 53, was sentenced to 51 months in federal prison and three years’ supervised release.
According to court documents, from March 2012 until October 2022, Bennington knowingly and intentionally carried out a scheme to defraud victims out of more than $2 million. In order to solicit investments, Bennington claimed to be a wealthy foreign exchange currency trader that had written a proprietary trading algorithm, which he alleged was the source of his wealth.
Over the course of the scheme, Bennington promised annual returns of up to 80 percent and repayment terms as short as six months. He also created a fake website and fabricated monthly statements falsely showing victims were earning significant returns. Instead of investing his victims’ money as promised, Bennington spent it on extravagant trips, a golf simulator, and personal expenses such as rent, vehicle leases and credit card payments.
On October 17, 2023, a federal grand jury in Portland returned a five-count indictment charging Bennington with wire fraud. Later, on April 4, 2024, Bennington pleaded guilty to one count of wire fraud.
This case was investigated by the FBI, and was prosecuted by Robert Trisotto, Assistant U.S. Attorney for the District of Oregon.
Source: U.S. Attorney for the District of Oregon