CARSON CITY – The securities administrator for Secretary of State Ross Miller is ordering a Las Vegas man to immediately stop selling or offering to sell unregistered securities until both he and the securities are legally licensed and registered with the state.
Leonard Benson and the Leonard Benson Company, which uses a mail drop address on West Sahara, was offering investments in “The Leonard Benson Private Gaming Fund” through the mail and through a website Benson operated. Benson’s website also offered courses in gambling strategy.
According to the offering, an investment of $10,000 would yield a return of several hundred dollars per month for six months to a year, at which time the entire principal would also be returned to the investor.
In a letter sent to potential investors Benson states: “What I am offering you is an opportunity to receive a 36 percent to 100 percent return on your money in one year without doing anything!”
“The Leonard Benson Gambling Fund” is not registered as a security in the state of Nevada, and neither Leonard Benson nor his company is licensed as a securities broker-dealer, sales representative, or agent.
“Anyone who has made an investment with Mr. Benson or his company should contact my office immediately,” Miller said. “This type of enforcement requires an active role by potential victims. We can stop people like this most effectively with public cooperation. It’s also worth noting that this offering easily falls under the ‘too good to be true’ rule. A return of 36 percent to 100 percent in one year is cause for not just suspicion but downright incredulity.”
Anyone who has made investments with Leonard Benson is asked to contact the Secretary of State’s Securities Division at 1-800-758-6440.
Leonard Benson and The Benson Company have 45 days upon receiving the Cease and Desist Order to request a hearing on the matters in the complaint.