PORTLAND, Ore. (KATU) — An Oregon man was indicted on federal wire fraud charges, accused of claiming to be a successful foreign exchange currency trader to get millions of dollars in investments over the course of more than a decade.
William Bennington, 52, of Portland, Oregon, was charged with five counts of wire fraud, the U.S. Attorney’s Office – District of Oregon said.
From March of 2012 through at least October of 2022, investigators say Bennington claimed he was a wealthy foreign exchange currency trader, promising investors in his Oregon-based company annual returns of up to 80% and repayment terms as short as six months.
He further falsely claimed to have written a proprietary trading algorithm, which he alleged was the source of his wealth,” the U.S. Attorney’s Office said.
He allegedly got at least five people to pay him more than $2 million. Instead of investing the money in foreign exchange currency markets, authorities say he spent it on personal expenses.
Bennington pleaded not guilty to the charges.
The U.S. Attorney’s Office – District of Oregon said wire fraud is punishable by up to 20 years in federal prison.